Emre Yumlu 
Bitcoin posted a brief but notable rebound amid improving global risk sentiment, tracking gains in Asian equity markets and investor positioning ahead of Nvidia’s highly anticipated earnings report. The move highlighted how closely crypto continues to trade in line with broader macro and equity trends.
Ahead of President Donald Trump’s Tuesday evening State of the Union address, Bitcoin climbed from around $64,000 to nearly $66,000, marking an intraday gain of more than $2,000. Prices later eased back toward $65,500, but the asset still closed the day roughly 3.5% higher.
What Drove the Move?
Market participants suggest the rally was not directly triggered by Trump’s speech. Instead, the upward momentum appears tied to renewed risk appetite before Nvidia’s quarterly results and a relief bounce following the prior week’s volatility surrounding tariffs and Supreme Court-related developments.
In his address, Trump highlighted what he described as economic progress, pointing to declining inflation, rising incomes, and strong stock market performance. He stated that core inflation had fallen by 1.7% over the past three months and noted that mortgage rates were at their lowest levels in four years. He also emphasized that the Dow Jones Industrial Average had reached 50,000 earlier than expected and recorded 53 record highs since the election.
However, some analysts caution that these milestones do not fully reflect the volatility experienced in between. After new tariff measures were introduced in April 2025, the Dow reportedly dropped below 37,000—about 18% off its peak. The 50,000 level also proved temporary, with the index falling back below that mark by mid-February.
Tariffs, Tech Stocks, and Market Correlation
Trump reaffirmed his commitment to tariffs despite a recent Supreme Court decision limiting certain executive authorities. He argued that tariffs have generated hundreds of billions of dollars in revenue and strengthened economic and national security agreements.
Meanwhile, the Nasdaq 100 gained 268 points, supported by advances in major technology stocks including Apple, Microsoft, Tesla, and Google. Investors appear to view Nvidia’s earnings as a key short-term catalyst for both equity and crypto markets.
Bitcoin’s latest move underscores its ongoing correlation with traditional risk assets. As macroeconomic developments and technology sector performance remain in focus, crypto markets are likely to continue reacting to broader shifts in investor sentiment.
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