Cryptocurrency markets saw mixed movements on Wednesday as major digital assets experienced subtle shifts. Bitcoin (BTC), Ether (ETH), and BNB Chain’s BNB gained less than 1% in the past 24 hours, while Solana’s SOL and XRP saw a notable surge, jumping by up to 7%.
Dogecoin (DOGE) retraced some of its earlier gains, falling 7.5% as traders took profits. It traded at 36 cents during European noon hours, after spiking from 34 cents to 38 cents the previous day. The surge followed the display of the Dogecoin logo on the website of the U.S. Department of Government Efficiency, which was later updated with a new image and eventually changed to show only the department’s name and a dollar sign.
While Dogecoin saw a setback, Solana’s SOL posted an 8% increase, leading the charge as crypto markets rebounded, erasing some losses from earlier in the week. Among other major assets, Hyperliquid’s HYPE token led the pack with a 13% surge, marking the biggest return among large-cap tokens with a market capitalization above $5 billion. The broad-based CoinDesk 20 (CD20) index climbed 2.57%.
Traders are looking to U.S. President Donald Trump’s executive orders and tariff decisions for cues on market positioning, with particular attention on potential impacts from tariffs on Mexico and Canada. Jeff Mei, COO of BTSE, mentioned in a Telegram message that traders are taking profits while waiting for more clarity on these factors.
“Although there has been profit-taking, we remain optimistic that Trump’s forthcoming executive orders and the appointment of pro-crypto Caroline Pham as CFTC Commissioner will result in a more favorable environment for crypto,” Mei said.
FxPro’s Alex Kuptsikevich echoed similar sentiments, noting in an email to CoinDesk that the rapid recovery in markets suggests continued interest in risk assets. Bitcoin’s price remained volatile, with a dip to $101K followed by a rebound to $107K, indicating optimism but also a need for additional factors to sustain momentum.
