Skip to content
- Bitcoin surges past $93K, boosted by Trump’s assurance he won’t fire Fed Chair Jerome Powell and his comments supporting lower interest rates.
- Investor sentiment rebounds, with $381M flowing into U.S.-listed spot Bitcoin ETFs in a single day, signaling renewed institutional interest.
- Market shifts are observed as Bitcoin shows signs of decoupling from tech stocks, hinting at a more independent financial trajectory.
Bitcoin broke through the $93,000 mark on Tuesday evening and surged toward $94,000, following a key statement from former President Donald Trump, who publicly declared he had “no intention” of firing Federal Reserve Chair Jerome Powell. According to data from TradingView, the digital asset saw a sharp rally after Trump’s comments, which gave the market a much-needed boost.
“Never did,” Trump told reporters when questioned about speculation surrounding Powell’s job security. “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.”
This clarification from Trump came after weeks of tension surrounding the Federal Reserve’s policies. The former president had been publicly critical of Powell, blaming him for interest rate hikes that many believed were constraining economic growth. Trump’s frequent remarks led to widespread speculation about the possibility of Powell’s dismissal, which, in turn, fueled concerns over the independence of the Fed.
Bitcoin Blasts Past $93K as Fed Uncertainty Grows
As the uncertainty surrounding the Fed mounted, investor anxiety grew, with many turning to traditional safe havens like gold. Spot gold reached nearly $3,500 on Tuesday as traders sought refuge in the precious metal. However, it was Bitcoin that stole the spotlight in the market, with its price already climbing past $90,000 earlier in the day. Trump’s remarks gave the digital asset’s rally additional momentum, propelling Bitcoin beyond $93,000 in the late hours of trading.
Market analysts are now pointing to a potential shift in Bitcoin’s behavior, suggesting that the cryptocurrency may be starting to decouple from tech stocks. Throughout much of its recent bull run, Bitcoin had mirrored the movements of the Nasdaq, a major technology-heavy stock index. However, the latest price action shows signs of Bitcoin moving more independently, a shift that could signify broader acceptance and a distinct role in the global financial landscape.
In addition to his comments on Powell, Trump also softened his stance on tariffs with China, signaling that they would “come down substantially” and that he wasn’t looking to escalate the trade conflict. This comment added further fuel to Bitcoin’s rally, as it eased some concerns surrounding global trade tensions.
Spot Bitcoin ETFs Rebound With $381M in One Day
Meanwhile, in the ETF market, U.S.-listed spot Bitcoin ETFs have rebounded strongly after experiencing a period of outflows. According to data from Farside Investors, Bitcoin-focused ETFs recorded $381 million in net inflows on Monday, with no funds reporting losses. As of Tuesday’s trading session, the total net inflows across all spot Bitcoin ETFs had reached $719 million.
The inflow trend suggests that institutional interest in Bitcoin is growing, even as the cryptocurrency experiences its bouts of volatility. Notably, BlackRock’s iShares Bitcoin Trust is still awaiting its latest inflow data. Should the fund report fresh investments, the group could see its strongest single day since January, further solidifying the growing confidence in Bitcoin as an investment.
After briefly touching $93,900, Bitcoin retreated slightly to $96,650 at the time of writing, marking a nearly 6.38% increase in the past 24 hours. Despite the pullback, Bitcoin’s strong performance remains a focal point in the ongoing debate over its role in the broader financial system and its growing independence from traditional markets.
As the world watches these developments unfold, it’s clear that Bitcoin is increasingly carving out its path in the global economy, one that is less tethered to traditional market dynamics and more attuned to its own set of catalysts and challenges.
Related | Coinbase Listing and Leadership Shift at SEC Ignite Rally in Reserve Rights Token
