Bitcoin (BTC-USD) posted a mild rebound on Thursday, trading near 92,000 dollars as stronger-than-expected earnings from Nvidia (NVDA) helped lift risk assets and pushed cryptocurrency-mining stocks higher. The move comes after a volatile week marked by record outflows from spot Bitcoin ETFs and a brief drop below the key 90,000-dollar level.
Nvidia’s upbeat results, released late Wednesday, temporarily eased concerns about a potential slowdown in the AI sector. The company reported third-quarter revenue of 57.01 billion dollars, up 62% year-on-year, and issued strong guidance for the fourth quarter.
CEO Jensen Huang said demand for AI chips continues to exceed supply, noting that “Blackwell sales are off the charts and cloud GPUs are fully sold out,” with computing needs accelerating across both AI training and inference.
The optimism triggered broad pre-market gains, particularly among Bitcoin-mining companies reliant on high-performance GPUs. Cipher Mining (CIFR) rose 11%, IREN (IREN) gained 8%, and Hut 8 (HUT) advanced about 6%.
The momentum helped stabilize Bitcoin after a sharp mid-week decline driven by heavy redemptions across spot ETFs. BlackRock’s (BLK) IBIT — the world’s largest spot Bitcoin ETF — saw 523 million dollars in outflows on Wednesday, its largest single-day withdrawal since launching in January 2024, according to Farside data. The selling pushed Bitcoin to a local low near 88,400 dollars, erasing all its year-to-date gains.
Rising political pressure between Trump and the Fed intensifies monetary policy bets
The price swings come amid heightened political and monetary uncertainty in the United States. President Donald Trump escalated his criticism of Federal Reserve Chair Jerome Powell on Wednesday for not cutting rates more aggressively, saying, “Frankly, I’d like to fire him.”
Reports indicate that Trump is seeking to remove Fed Governor Lisa Cook and appoint his economic adviser, Stephen Miran, to the FOMC — a move that could give his administration a “super-majority” aligned with more forceful interest-rate cuts.
Analysts at Bitfinex warned that if Trump succeeds in reshaping the Fed in 2026, the central bank’s independence could be at risk, prompting markets to reprice the dollar’s status as a global reserve currency and the cost of long-term borrowing.
“From historical precedent to current tactics, Trump’s approach targets direct influence over rate-setting decisions,” analysts wrote. “The outcome would not be temporary volatility but a structural discount to institutional credibility. If the Fed is forced into aggressive easing before inflation is fully contained, the US economy risks entering an ‘early-recovery-followed-by-stagflation’ cycle. For global capital, the real danger lies in losing the last line of defense protecting US monetary policy.”
