Catenaa, Wednesday, April 23, 2025-Bitcoin surged to nearly $88,000 Monday as US stock markets plunged and President Donald Trump reignited criticism of Federal Reserve Chair Jerome Powell, demanding immediate interest rate cuts.
Major US indexes dropped roughly 3.5% as markets reopened after a long weekend.
The US dollar slumped to a three-year low, shaken by stalled global trade negotiations and Trump’s renewed attacks on Powell via Truth Social.
“With energy costs way down, food prices substantially lower… there can almost be no inflation,” Trump wrote, dubbing Powell “Mr. Too Late” and accusing him of politically motivated rate policy favoring President Joe Biden.
Amid the broader market downturn, Bitcoin jumped past $87,000 before settling around $86,800, marking its highest level in over six weeks. Analysts credit the rally to rising global liquidity and institutional demand.
Kronos Research noted Strategy’s recent purchase of 6,556 bitcoins, bringing its total holdings to 538,200 BTC, worth $47 billion at current prices.
“Bitcoin is once again flirting with the ‘decoupling’ narrative,” said Coin Bureau founder Nic Puckrin. He warned that threats to the Fed’s credibility could undermine dollar stability and bolster Bitcoin’s appeal as a store of value.
Bitcoin now eyes resistance at $88,000, with the next barrier between $92,000 and $93,000. Despite low ETF volumes last week—$7.14 billion total, averaging $1.785 billion daily—analysts see signs of recovery if market volatility persists.
Puckrin maintained a long-term target of $150,000 for Bitcoin, but cautioned: “We may be in for a wild ride in the coming days.”
