Bitcoin recovers in price amid weakening dollar
Kyiv • UNN
Bitcoin rose to $87,600, the highest level since April 2 after Trump's tariff announcement. The dollar fell to its lowest level since January 2024 amid fears of Federal Reserve Chairman Jerome Powell's dismissal.
Bitcoin rose in price to its highest level since US President Donald Trump announced tariffs, while the dollar fell amid renewed fears about Trump's attempts to remove Federal Reserve Chairman Jerome Powell, writes UNN with reference to Bloomberg.
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According to data compiled by Bloomberg, the largest cryptocurrency by market value jumped about 3% to $87,600 on Monday morning in Singapore. This rise recovered most of the losses suffered since Trump announced reciprocal tariffs on April 2, which confused global markets.
The rebound occurred amid a fall in the dollar and US stock index futures on Monday after the US president's criticism of the Federal Reserve raised concerns about its independence. The dollar index reached its lowest level since January 2024 after the country's National Economic Council director Kevin Hassett said on Friday that Trump was considering firing Powell.
Bitcoin's price recovery coincided with another surge in the value of gold, which rose to a new record, further highlighting investor demand for assets perceived as safe havens and inflation hedges.
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"U.S. dollar weakness is the driving force behind the crypto rally," said Sean McNulty, head of derivatives trading for Asia Pacific at digital asset prime broker FalconX. However, he added that "thin holiday liquidity" in crypto markets "is leading to an exaggeration of this move."