Bitcoin has surged past $90,000 today, surpassing this price level for the first time in 45 days.
Source: CoinMarketCap
The major cryptocurrency staged an astonishing comeback after falling from the all-time high of $109,114.88, recorded on January 20, 2025, when President Trump took office.
The rally will be its lowest point in three years as the US Dollar Index (DXY) plummeted to 98.29 on Monday.
Source: MarketWatch
The weakness in the dollar is largely due to the fierce conflict between President Trump and Federal Reserve Chairman Jerome Powell. Trump has publicly criticised Powell’s monetary policy decision, claiming that the Fed chairman is “too late and wrong,” suggesting that he “can’t come quickly enough.”
Powell defended central bank independence, emphasizing that the decision is based solely on economic data, not political pressure. Experts point out that the Federal Reserve Act only allows the removal of chairs “for a cause” which is traditionally interpreted as fraud rather than policy disagreement.
The current movement pattern of Bitcoin shows a potential separation from technology stock. Major indices like the S&P 500 have been declining recently, but Bitcoin is pushing higher against this trend.
In a development that could further impact the cryptocurrency market, Paul Atkins was sworn in as the 34th Securities and Exchange Commission (SEC) chair yesterday, following a Senate confirmation earlier this month.
“I honour the trust and trust that President Trump and the Senate put on me,” said Atkins, who served as the SEC committee member from 2002 to 2008.
Atkins is widely expected to implement a more cryptography-friendly policy than his predecessor. His appointment coincides with the SEC’s firing of several code enforcement measures launched under the previous administration.
According to Bloomberg, the new SEC leadership faces decisions regarding fund applications traded on more than 70 crypto-related exchanges this year. These range from established cryptocurrencies such as XRP and Litecoin to new products.