BTC, XRP, ETH, ADA Surge; Dollar Drops on Fed Independence Fears
- Bitcoin (BTC) experienced a surge early Monday, outperforming other cryptocurrencies, as the U.S.
- Bitcoin's price increased by over 2%, reaching $87,200, its highest point since April 2, according to market data.
- In foreign exchange markets, hedge funds have been selling U.S.
Bitcoin Rises as Dollar Weakens amidst Fed Uncertainty
Table of Contents
Bitcoin (BTC) experienced a surge early Monday, outperforming other cryptocurrencies, as the U.S. dollar index (DXY) hit a three-year low. This occurred amidst reports that former President Donald Trump was considering the removal of Federal reserve Chairman Jerome Powell.
Bitcoin’s performance
Bitcoin’s price increased by over 2%, reaching $87,200, its highest point since April 2, according to market data. This surge indicates a breakout from its recent consolidation range of $83,000 to $87,000. Major alternative cryptocurrencies, including XRP, Ethereum, and Cardano’s Ada, also saw gains, but lagged behind Bitcoin’s performance, each increasing by approximately 1%.
Dollar’s Decline and Market impact
In foreign exchange markets, hedge funds have been selling U.S. dollars for major currencies like the Euro, Yen, and Australian dollar. This selling pressure pushed the dollar index down to 98.5, its lowest level since April 2022, based on data from TradingView. The DXY has fallen 10% over the past three months. A weaker dollar typically eases financial conditions, encouraging risk-taking in financial markets.
gold’s Rally Continues
Simultaneously occurring, gold continued its upward trend, with the price per ounce reaching a record $3,382, marking a year-to-date gain of 28%. Conversely,futures contracts tied to the S&P 500 and NASDAQ saw a slight decrease of 0.5%.
Speculation on the Cause
Analysts suggest that comments made Friday by then-Director of the National Economic Council, kevin Hassett, regarding Trump’s alleged intention to dismiss Powell, may have triggered the dollar sell-off, and also the increases in Bitcoin and gold prices.
“The rise in bitcoin to $87,000 seems to be due to a sharp drop in the U.S. dollar and a 2% gold rally, both triggered by Trump’s desire to replace Powell, president of the Fed. If a trade agreement with Japan could be announced soon, the main catalyst today is the perceived threat to the independence of the Fed,”
Markus Thielen, founder of 10x Research
trump’s Criticism of Powell
Trump, on social media, stated that “powell’s resignation could not happen quickly enough,” while reiterating his calls for interest rate cuts. Earlier last week, Powell indicated that the Fed would await further economic data before adjusting interest rates, while also cautioning against stagflation.
Concerns About Fed Independence
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, has warned that a decision by Trump to remove Jerome Powell would negatively impact the Fed’s credibility.
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CoinDesk Mobile App Now Available for Android Users on Google Play
Android users can now access CoinDesk’s cryptocurrency news and analysis through its official mobile app, available on Google Play. The app provides on-the-go access to the latest developments in the digital currency space.
Key Features
The CoinDesk mobile app delivers real-time news, in-depth analysis, and market data directly to users’ android devices.
- Breaking News: Stay informed with up-to-the-minute coverage of the cryptocurrency market.
- Market Data: Track the prices of various cryptocurrencies.
- Analysis: Access expert insights and opinions on market trends.
Download Information
The CoinDesk app is available for free download on the Google Play Store.
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