Key Takeaways
- Bitcoin surged past $93,000 after President Trump announced no intention to fire Fed Chair Jerome Powell.
- President Trump’s softened stance on China trade relations also contributed to Bitcoin’s rally.
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Bitcoin broke through $93,000 on Tuesday evening and edged toward $94,000 after President Trump said he had “no intention” of firing Fed Chair Jerome Powell, data from TradingView shows.
“Never did,” Trump spoke to reporters. “The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”
The president has stirred markets in recent weeks by openly criticizing the Fed’s monetary policy. His repeated jabs at Powell sparked talk of a potential dismissal, enough that people started asking whether it was even legally possible.
With each Trump push, worries about the Fed’s independence grew, and so did investor anxiety.
This, along with lingering trade tensions, sent money flowing into gold. Spot gold climbed closer to $3,500 on Tuesday as a result of market unease.
However, the spotlight was on Bitcoin. The digital asset had already been gaining throughout the day, crossing $90,000 before Trump’s remarks. His statements gave the rally fresh legs, pushing Bitcoin past $93,000 in a sharp late-day move.
Market analysts say Bitcoin’s recent price actions indicate it might be starting to decouple from tech stocks. For most of its run, Bitcoin has tracked alongside the Nasdaq. But now, it’s beginning to behave more independently.
Trump on Tuesday also softened his stance on China’s tariffs. He said they’d be coming down substantially and that he wasn’t looking to play hardball, another headline that further fed into Bitcoin’s rise.
Institutional appetite returns as Bitcoin ETFs post major gains
Elsewhere, in the ETF market, US-listed spot Bitcoin ETFs have rebounded with strong gains following a stretch of outflows. On Monday, the group recorded $381 million in net inflows, with no funds posting losses, according to data from Farside Investors.
As of the latest update from Tuesday’s trading session, total net inflows across all spot Bitcoin ETFs had climbed to $719 million.
However, data from BlackRock’s iShares Bitcoin Trust is still pending. If the fund also reports fresh inflows, the group could see its strongest single day since January.
After hitting $93,900, Bitcoin has retreated to $92,700 at press time, up nearly 5% in the last 24 hours.
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