Bitcoin (BTC-USD) nudged higher on Thursday, trading near $92,000, as stronger-than-expected earnings from Nvidia (NVDA) helped lift risk assets and fuel a rally in crypto-mining stocks. The bounce comes after a volatile week marked by record bitcoin exchange-traded fund (ETF) outflows and a brief dip below the key $90,000 level.

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Nvidia’s (NVDA) optimistic results late Wednesday have temporarily eased fears of an AI-market slowdown. The chipmaker posted $57.01bn in third-quarter revenue, a 62% jump from a year earlier, and delivered a bullish fourth-quarter outlook.

The company’s CEO Jensen Huang said demand for its AI chips remains overwhelming, noting that “Blackwell sales are off the charts, and cloud GPUs are sold out,” with compute needs accelerating across both AI training and inference.

The upbeat outlook has sparked broad gains in pre-market trading, particularly among bitcoin-mining companies that rely heavily on high-performance GPUs. Cipher Mining (CIFR) is up 11%, IREN (IREN) has gained 8%, and Hut 8 (HUT) has risen by 6%.

The optimism helped bitcoin (BTC-USD) stabilise after a steep midweek decline driven by large-scale ETF redemptions. BlackRock’s (BLK) IBIT, the world’s largest spot bitcoin ETF, saw $523m in outflows on Wednesday, its biggest single-day withdrawal since launching in January 2024, according to Farside data. The sell-off pushed bitcoin to a local low of around $88,400, shedding all year-to-date gains.

The price volatility comes amid escalating political and monetary uncertainty in the United States. US president Donald Trump on Wednesday doubled down on his criticism of Federal Reserve chair Jerome Powell for not lowering interest rates more quickly, saying: “I’ll be honest, I’d love to fire his ass.”

Trump is reportedly seeking to remove Fed Governor Lisa Cook and install his economic adviser, Stephen Miran, onto the Federal Open Market Committee (FOMC). Such a shift could give his administration a “super‑majority” supportive of aggressive interest‑rate cuts.

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Bitfinex analysts said if Trump succeeds in reshaping the Fed in 2026, its independence could be undermined, and the dollar’s reserve status, as well as long‑term borrowing costs, may be repriced by the market.

“From historical precedent to current tactics, Trump’s strategy clearly targets direct intervention in the rate‑path decision process,” Bitfinex analysts said in a recent report.”