Bitcoin experienced a modest increase as market participants reacted to President Donald Trump”s recent address and positioned themselves for Nvidia”s upcoming earnings. The price of the leading cryptocurrency rose by over $2,000, climbing from around $64,000 to $66,000 ahead of the speech, according to data from CoinGecko. However, it later settled at approximately $65,500, still marking a 3.5% increase for the day.
During his address, Trump portrayed his return to the presidency as a historic turnaround, asserting that the nation is “bigger, better, richer, and stronger.” He emphasized economic achievements, including tax cuts and a reduction in inflation, while vowing that the country would not revert to the policies of the previous administration.
The correlation between Bitcoin and traditional risk assets was put to the test as Asian equities also showed gains in anticipation of Nvidia”s quarterly earnings report, set for release on Wednesday. Despite the uptick in Bitcoin”s price, analysts, including Derek Lim from the crypto market-making firm Caladan, indicated that the cryptocurrency”s rise was more a result of relief from previous market volatility than the contents of Trump”s speech.
Lim stated, “The surge was driven by a combination of risk-on positioning ahead of Nvidia earnings and a relief bounce after the chaos surrounding tariffs and court rulings last week.” He noted that these factors had a more significant impact on market movements than anything articulated during the address.
Trump highlighted key economic indicators during his speech, claiming that inflation is decreasing significantly and incomes are rising rapidly. He stated that core inflation has been reduced to its lowest level in five years, with a reported 1.7% decline over the past three months. Furthermore, he mentioned that mortgage rates are currently at their lowest in four years, resulting in nearly $5,000 in savings on annual mortgage costs compared to the previous year.
Amidst these claims, Trump also pointed to the stock market”s performance, noting that it has achieved 53 record highs since his election. However, Lim cautioned that this figure masks the fluctuations that occurred, particularly following the announcement of a tariff regime in April 2025, which led to a notable decline in the Dow Jones Industrial Average.
Despite a recent Supreme Court ruling that limited Trump”s power to impose broad tariffs, he reaffirmed his commitment to the tariff policy, asserting that it contributed to significant economic gains. He described the tariffs as essential for protecting both economic interests and national security.
The Nasdaq 100 saw a notable increase of 268 points, driven in part by gains in major tech companies such as Apple, Microsoft, Tesla, and Google, as investors prepare for Nvidia”s highly anticipated earnings call. Lim emphasized that this earnings report is a crucial catalyst for both equity and cryptocurrency markets, with traders positioning themselves accordingly.
In the broader context, Trump”s address serves as a strategic move ahead of the midterm elections in November, with Republicans aiming to solidify their agenda surrounding cost of living, border security, and overall economic performance.
