Cryptocurrency giant Bitcoin rose to its highest level since US President Donald Trump’s tariff rollout as the US dollar weakened amid renewed concerns over the Fed Chairman Jerome Powell’s ouster.
Bitcoin hit $87,525 on Monday, up about 2.70% since the open.
The surge erased most of the losses since Trump’s April 2 announcement of retaliatory tariffs that could trigger a potential recession.
The recovery came as the US dollar and stock index futures fell on Monday, following the President’s criticism of the Federal Reserve (Fed) that raised concerns.
The US dollar index fell to its lowest level since January 2024, after National Economic Council Director Kevin Hassett said on Friday that Trump was looking into the possibility of firing Fed Chairman Jerome Powell.
Bitcoin's recovery coincides with another surge in gold prices hitting new highs, highlighting investor demand for assets considered safe havens and a hedge against inflation.
