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By James Van Straten|Edited by Parikshit Mishra
Apr 10, 2025, 9:38 a.m.
- Rallies of this magnitude often occur during economic downturns, as seen in 2001 and 2008—preceding further market declines.
- Volatility and global bond pressure remain high, with the VIX posting a record drop and concerns shifting from China to Japan’s bond activity.
The Nasdaq closed 12% higher on Wednesday, marking its second-largest gain in history, following President Trump’s decision to pause the implementation of tariffs for 90 days. Strategy (MSTR), one of the fastest-recovering stocks and a component of the Invesco QQQ Trust, Series 1 (QQQ) ETF, surged 25%.
Meanwhile, the S&P 500 climbed nearly 10%, recording its third-largest single-day gain—surpassed only by two days in 2008.
STORY CONTINUES BELOW
While this may seem bullish on the surface, it’s worth noting that the Nasdaq’s three biggest rallies occurred in 2001 and 2008—both during recessions and followed by new lows. Similarly, the S&P 500’s two larger green days were also during the 2008 financial crisis. Investors should be aware of bear market rallies.
There’s growing speculation about why Trump backed off on tariffs. Globally, rising bond yields were rattling markets. According to FOX Business Senior Correspondent Charles Gasparino, the pressure in the bond market may have stemmed from Japan selling bonds—not China, as many had assumed.
As the market rallied, the VIX (Volatility Index) closed at 34, registering the largest one-day percentage drop in its history, surpassing the 2010 record.
Bitcoin (BTC) also saw a spike, briefly rallying above $82,000. However, it remains within the downward channel it has followed since January.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
