Market Performance
Bitcoin recorded a notable upward movement on Monday, 15 April, registering an increase of over 3% and surpassing the $87,600 mark, according to data from Bloomberg. This marked the highest level for the cryptocurrency since early April. The uptick came amid broader market reactions to significant political developments in the United States.
Political Developments Affecting Markets
The rise in Bitcoin’s value followed statements from the White House indicating that U.S. President Donald Trump was examining his authority to remove Federal Reserve Chair Jerome Powell. These remarks were confirmed by White House Economic Adviser Kevin Hassett, who stated that the President and his team were actively evaluating the possibility.
This political tension caused notable fluctuations in the currency markets. The U.S. dollar index dropped to its lowest point since January 2024. The depreciation of the dollar increased interest in alternative assets, such as cryptocurrencies and gold, which are often considered safer options during times of financial uncertainty.
Cryptocurrency and Gold Rally
The movement in Bitcoin reversed much of the decline observed after Trump’s 2 April tariff announcement, which had previously unsettled global markets. The renewed concerns over the Federal Reserve’s independence, following Trump’s direct criticism of Powell for maintaining current interest rate levels amid economic turbulence, further intensified investor uncertainty.
This scenario led to increased demand for assets traditionally viewed as hedges against inflation and instability. Gold reached a new record high alongside Bitcoin, signaling a wider shift towards perceived safe-haven assets.
Summary
Bitcoin’s recent surge highlights its role in the broader financial landscape during periods of geopolitical and economic stress. The cryptocurrency climbed over 3%, crossing $87,600, as the U.S. dollar weakened following President Trump’s public disapproval of Federal Reserve Chair Jerome Powell and suggestions of a possible dismissal.
With investors reacting to growing uncertainty surrounding trade and monetary policies, the increased interest in digital and physical assets like Bitcoin and gold underscores a move toward stability amid global market volatility.
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