Rises 3.2% to $87,518 as Dollar Hits Three-Year Low
The post Rises 3.2% to $87,518 as Dollar Hits Three-Year Low appeared on BitcoinEthereumNews.com.
TLDR Bitcoin surged 3.2% to $87,518, reaching its highest level since April 2 The US Dollar Index fell to a three-year low after Trump hinted at firing Fed Chair Powell Bitcoin regained most losses incurred since Trump’s reciprocal tariffs announcement on April 2 Altcoins followed Bitcoin’s upward trend with Ethereum, XRP, and Cardano all posting gains Trump’s administration is engaging in trade talks with Japan and potentially China Bitcoin jumped more than 3% on Monday as the U.S. dollar slumped to a three-year low. The price movement came after President Donald Trump suggested he might fire Federal Reserve Chair Jerome Powell. The world’s largest cryptocurrency rose 3.2% to $87,518 by 02:31 ET (06:31 GMT). This marks Bitcoin’s highest level since April 2. Bitcoin Price on CoinGecko With this price increase, Bitcoin has recovered most of the ground it lost following Trump’s announcement of reciprocal tariffs on April 2. The gains coincided with the US Dollar Index falling to its lowest point since March 2022. Investors expressed concerns about potential political interference in monetary policy. White House economic advisor Kevin Hassett stated on Friday that Trump and his team were examining the legality of removing Powell from his position. Dollar Weakness Boosts Bitcoin Trump made his views clear in a Truth Social post, writing: “Powell’s termination cannot come fast enough!” He also called for the Federal Reserve to cut interest rates. When the dollar weakens, investors typically look for alternative assets to maintain their purchasing power. Bitcoin, similar to gold, is often viewed as a hedge against currency devaluation. Gold prices were also trading at record highs on Monday. Many investors see Bitcoin as protection against currency debasement and political uncertainty. The cryptocurrency found support as confidence in traditional fiat currencies wavered. The token also received a boost from possible tariff…
Filed under: News - @ April 21, 2025 8:22 am