So, here’s the deal:
- Bitcoin jumped over 2% to $87,200—as the dollar decided to take a nosedive to a three-year low. Classic move.
- Gold’s climbing so high it’s basically trying to audition for a superhero movie—record prices and all—thanks to everyone getting worried about whether the Fed can run its own show.
- Trump’s apparently thinking about giving Fed Chair Jerome Powell the old heave-ho, and the markets? They’re freaking out and dumping dollars faster than you can say “what’s going on?”
Bitcoin (BTC) decided to show up early Monday and steal the spotlight from its cryptocurrency cousins—XRP, ETH, ADA—while the dollar index did a dramatic faceplant thanks to rumors that Trump wants to boot Jerome Powell from the Fed.
BTC climbed over 2% to a flashy $87,200, its highest since April 2—like it’s saying, “Hey, look at me!” Meanwhile, XRP, Ethereum’s ether, and ADA trailed behind, each up over 1%, obviously taking their sweet time.
On the foreign exchange stage, hedge funds sold the dollar like it was on clearance, pushing it to the lowest point since April 2022 at 98.5 on the dollar index. That’s a 10% drop in just three months. The dollar weakening usually means everyone gets a little more reckless with their money—because why not?
Meanwhile, gold’s having its own party, hitting a record $3,382 an ounce, with a 28% jump so far this year. Not to be left out, the S&P 500 and Nasdaq futures took a tiny dip—0.5%—like they’re sulking in the corner.
Apparently, National Economic Council bigwig Kevin Hassett spilled the beans Friday, saying that Trump’s eyeing Powell’s chair for a quick removal. That rumor sent the dollar packing and gave Bitcoin and gold a nice little boost.
“Bitcoin’s leap to $87,000? Blame that nosedive in the dollar and a shiny gold rally, fueled by Trump’s latest Fed drama,” said Markus Thielen, who apparently knows a thing or two about markets, to CoinDesk. Oh, and we might be seeing a Japan trade deal soon, but who cares? It’s the Fed saga that’s grabbing the headlines.
Trump even posted on his favorite social hangout, Truth Social, that “Powell’s termination cannot come fast enough,” then doubled down on wanting lower interest rates. Meanwhile, Powell stayed calm, saying, “We’ll wait for more data,” and whispered the scary word: stagflation.
Chicago Fed’s Austan Goolsbee chimed in, warning that if Trump boots Powell, the Fed’s credibility will take a nosedive too. Great, more drama.
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2025-04-21 06:48