Bitcoin Nears $70,000 as Nvidia-fueled Rebound Lifts Risk Assets

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Bitcoin climbed toward the $70,000 mark, breaking a three-session losing streak as investor appetite for risk returned alongside modest gains in equities. The rebound gathered pace after upbeat signals from Nvidia Corp. helped steady broader market sentiment.

The largest cryptocurrency surged as much as 9.3% to $69,987 during New York trading, posting its strongest intraday advance since Feb. 6. Technology shares led a tentative recovery across risk assets, providing a tailwind for digital tokens that had been under pressure in recent sessions. Bitcoin last traded at the $70,000 level on Feb. 16. Ether also rallied sharply, jumping roughly 13% to around $2,100.

Market participants pointed to opportunistic buying after the recent downturn. Caroline Mauron, co-founder of Orbit Markets, said the upward move likely reflected dip-buying following an extended selloff, adding that a decisive break above $70,000 could alter the prevailing market narrative.

The bounce coincided with a modest relief rally in traditional markets after a largely uneventful State of the Union address from the US president. Nvidia, widely viewed as a bellwether for the AI-driven investment boom, issued a strong quarterly revenue outlook, reinforcing expectations that spending on artificial intelligence infrastructure remains robust and supporting the broader recovery in risk-sensitive assets.