Bitcoin (BTC) price is showcasing its growing maturity as a global asset, becoming “less Nasdaq — more gold”

Bitcoin staged a 12% recovery in the two weeks leading up to April 22, despite ongoing tariff escalation between the world's largest trading nations.

The price of bitcoin (BTC) is becoming "less Nasdaq - more gold" as the flagship cryptocurrency shows signs of maturing as a global asset, according to Nansen co-founder and CEO Alex Svanevik.

Speaking to Cointelegraph on April 22, Svanevik noted that bitcoin staged a 12% recovery in the past two weeks despite ongoing tariff escalation between the world’s largest trading nations.

The US increased reciprocal tariffs on China to 125% as of April 9, while China raised import tariffs from 84% to 125% with immediate effect on April 12.

Bitcoin was "surprisingly resilient" amid the trade war compared to altcoins and indexes like the S&P 500, but remains vulnerable to economic recession concerns, noted Svanevik.

Still, bitcoin will continue benefiting from regulatory development and the US Bitcoin Reserve-related news, particularly with more developments on how the "Treasury is looking for ways to swap reserves into BTC."

Related: Bitcoin rally above $100K may follow US Treasury buybacks — Arthur Hayes

While the US Bitcoin reserve will initially hold BTC forfeited in government criminal cases, President Donald Trump’s executive order instructed the government to develop "budget-neutral strategies" to buy more Bitcoin.

🇺🇸 LATEST: Executive Director of Digital Assets Bo Hines said the US government may buy Bitcoin using tariff revenue.

The US is looking at "many creative ways" to fund its bitcoin investments, including from tariff revenue and by reevaluating the Treasury’s gold certificates, creating a paper surplus to fund the BTC reserve without selling gold, Bo Hines of the Presidential Council of Advisers for Digital Assets said in an interview on April 14.

Related: Bitcoin up 33% since 2024 halving as institutions disrupt cycle

US recession odds rise to 60%, says JPMorgan

Despite bitcoin's resilience against tariff concerns, a potential US recession may slash investor demand for risk assets.

The probability of a US recession in 2025 has risen from 40% to 60%, according to an April 15 research report from JPMorgan, which wrote:

JPMorgan expects the Fed to "start easing in September, with further cuts at every meeting thereafter through January 2026 — reaching a 3% policy rate by June 2026," added the report.