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As Donald Trump pressures the Federal Reserve to cut interest rates, Bitcoin’s surge past $88,000 has reignited the debate over whether the king of cryptos is decoupling from traditional financial assets.
Bitcoin climbed almost 1% to trade at $88,374 as of 4:35 a.m. EST, even as stocks and the dollar sank. Gold ripped 4.3% higher to trade at $3,457 as investors flee for safe havens amid the latest bout of Trump-induced turbulence.
Trump’s onslaught against Powell has triggered fears among investors that the central bank’s independence is being undermined, and that a Trump-driven monetary agenda would favor political expediency over prudent economic management.
JUST IN: $1.5 trillion wiped out from the US stock market today.
$60 billion was added to the crypto market. pic.twitter.com/9IezvommN1
— Watcher.Guru (@WatcherGuru) April 21, 2025
Trump Turns Up The Heat On Jerome Powell
The S&P 500 slid 2.4% and the Nasdaq 2.5% yesterday, while the yen soared past 140 per dollar today as investors flee US assets.
That’s after Trump turned up the heat on the Fed and its chair, Jerome Powell, to cut interest rates yesterday.
”There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote in an April 21 post. on Truth Social, referring to Fed Chair Jerome Powell. ”Europe has already ”lowered” seven times. Powell has always been ‘To Late.”’
(Source: Truth Social)
Trump argued that “there is virtually no inflation,” with food prices, energy costs and the cost of “most other things” trending down.
Powell, for his part, is concerned that inflation may soon spike higher as Trump’s tariffs on most of the rest of the world feed through into prices.
Meme Coins Surge
Bitcoin is not the only crypto to gain. The meme coin sector’s market capitalization soared 3%, led by Fartcoin (FARTCOIN), which was the best performer among the top 10 biggest meme coins after its price surged over 17% in the last 24 hours.
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