Shortly
- Donald Trump called Jerome Powell "a major loser" and "Mr. Too Late."
- Bitcoin rose against the stock indexes, while altcoins were in decline.
- Gold's price set a new all-time high of $3,442 per ounce.
Price of Bitcoin On Monday, the Dow Jones Industrial Average hovered around $87,300, even though U.S. president Donald Trump applied fresh pressure to Federal Reserve chair Jerome Powell, sending equity markets into a tailspin.
Trump called Powell “Mr. Late” in a Truth Social post. You can also read about the importance of this in our article Now is the right time for the U.S. Federal Reserve to reduce borrowing costs. Inflation added to the price Tariffs are increasing the cost of goods and services for consumers as well as businesses.
“Powell has always been ‘To[o] Trump continued, calling Powell a “major loser” and referring to a rise in costs that occurred during a pandemic, which Fed policymakers had misdiagnosed.
Crypto data provider, cryptodata.com, reports that Bitcoin has recently increased by 2.9% in the last 24 hours. CoinGecko. Altcoins showed mixed results. Solana fell 1.2%, to $135. Dogecoin grew 1.6%. XRP remained roughly the same.
After hitting a record high on Friday, the U.S. Dollar Index DXY (which measures changes in dollar value relative to other currencies) pared its losses Monday. Lowest level since February 20,22. The latest measure is 98.3, after having fallen as low as 98. TradingView.
Bitwise Senior Investor Analyst Juan Leon explained that, while gold and Bitcoin have historically been considered safe assets, Trump’s threats may force investors to look elsewhere as they test the Fed’s independence, and even the status quo of the global financial systems. Decrypt.
Further deterioration of public trust in Government Institutions [also] “It creates an offer for other stores of value, like Bitcoin or gold,” added he.
Gold prices rose 3.9% Monday to a record high of $3.442 an ounce. Yahoo Finance. The S&P 500 plunged 2.8%, while the tech-heavy Nasdaq dropped 3%.
Bitcoin’s gains have been modest since Trump declared “Liberation Day”, a day marked by steep tariffs against 180 nations. Steven Lubka is the Head of Private Clients for Swan Bitcoin. He says that it has continued to be strong against other risky assets.
There were some candles that lasted into the 1970s but nothing else. [the downside] He added that “the impact was pretty limited.” Bitcoin is performing better historically than ever before, signaling a sort of divergence.
Powell’s remarks at the Economic Club of Chicago, where Powell spoke last week, triggered a more negative response from Trump. Maintaining A cautious outlook on rate cuts and economic growth. Trump said later that his Fed Chair’s firing “cannot happen fast enough”, hinting to a showdown with the Fed. History of precedent.
James Rubin is the editor
