Bitcoin surged past $90,000 today, breaking through this price level for the first time in 45 days.
Source: CoinMarketCap
The leading cryptocurrency has staged a remarkable comeback after falling from its all-time high of $109,114.88 recorded on January 20, 2025, when President Trump was inaugurated.
The rally comes as the U.S. dollar index (DXY) plummeted to 98.29 on Monday, its lowest point in three years.
Source: MarketWatch
The dollar’s weakness stems largely from the intensifying conflict between President Trump and Federal Reserve Chairman Jerome Powell. Trump has publicly criticized Powell’s monetary policy decisions, claiming the Fed chair is “too late and wrong” and suggesting that his “termination cannot come fast enough.”
Powell has defended the central bank’s independence, emphasizing that decisions are based solely on economic data rather than political pressure. Experts note that the Federal Reserve Act only allows for removal of the Chair “for cause,” traditionally interpreted as misconduct rather than policy disagreements.
Bitcoin’s current movement pattern shows a potential decoupling from technology stocks. While major indices like the S&P 500 have declined recently, Bitcoin has pushed higher against the trend.
In a development that could further impact cryptocurrency markets, Paul Atkins was sworn in yesterday as the 34th chairman of the Securities and Exchange Commission (SEC), following Senate confirmation earlier this month.
“I am honored by the trust and confidence President Trump and the Senate have placed in me,” said Atkins, who previously served as an SEC commissioner from 2002 to 2008.
Atkins is widely expected to implement more crypto-friendly policies than his predecessor. His appointment coincides with the SEC’s dismissal of several crypto enforcement actions initiated under the previous administration.
The new SEC leadership faces decisions on over 70 crypto-related exchange-traded fund applications this year, according to Bloomberg. These range from established cryptocurrencies like XRP and Litecoin to newer offerings.
