Bitcoin Surges to $87,200 as Dollar Index Falls to Three-Year Low
Bitcoin (BTC) rose over 2% to $87,200, marking a bullish trend after consolidating between $83,000 and $87,000. This increase occurred as the dollar index fell to a three-year low of 98.5, driven by reports that President Trump is considering removing Federal Reserve Chairman Jerome Powell.
Key points:
- Major cryptocurrencies like XRP, Ethereum's ether, and Cardano's ADA rose over 1%, but lagged behind BTC.
- The dollar index has declined by 10% over three months.
- Gold reached a record high of $3,382 per ounce, up 28% year-to-date.
- Comments from National Economic Council Director Kevin Hassett about Trump's intentions likely influenced market movements.
- Markus Thielen from 10x Research linked BTC's rise to the dollar's drop and gold's rally.
- Trump criticized Powell on social media, advocating for lower interest rates while Powell indicated a cautious approach on changing borrowing costs.
- Chicago Fed President Austan Goolsbee warned that terminating Powell could harm the Fed's credibility.