Bitcoin has surged to a new high of $91,400, marking a 4.5% jump in 24 hours and a 6.86% gain for the week, amid a weakening U.S. dollar and heightened political tensions. The cryptocurrency’s rise comes as President Donald Trump intensifies his efforts to remove Federal Reserve Chairman Jerome Powell, contributing to market uncertainty.
The U.S. dollar index has hit a three-year low, reflecting broader economic concerns and contributing to Bitcoin’s appeal as a safe-haven asset. Gold has also reached an all-time high of $3,500, reinforcing the trend of investors seeking alternatives to traditional investments.
Market analysts attribute Bitcoin’s performance to its growing perception as a digital macro hedge, similar to gold, amidst de-globalization trends and capital flight from volatile equity markets. The cryptocurrency’s resilience is highlighted by its recovery from recent lows, with futures open interest rising 10.8% and its correlation with stocks dropping to 0.56, outperforming traditional risk assets. This surge has been notable since Trump’s ‘Liberation Day’ tariff announcements.
Source: thedefiant.io
