"On Wednesday, the original cryptocurrency surpassed $97,000 for the first time in two months and is up more than 6% in the last week. The jump in Bitcoin came after Federal Reserve Chair Jerome Powell issued a remarkable statement that accused President Donald Trump's administration of directing a baseless criminal investigation at him in order to intimidate the agency. Meanwhile, the price of gold and other precious metals shot up as investors fled towards safe haven assets."
"In addition to the uncertainty over the Fed's independence, the latest inflation numbers appear to be driving the recent Bitcoin surge. "The global macro backdrop is supportive as CPI came in cool on Tuesday, amidst generalized concerns about Fed independence following Powell's speech, which put pressure on the dollar, which is generally negatively correlated to Bitcoin," said Russell Thompson, chief investment officer at Hilbert Group."
Bitcoin climbed above $97,000, rising over 6% in a week after Federal Reserve Chair Jerome Powell accused the Trump administration of directing a baseless criminal investigation at him to intimidate the agency. Gold and other precious metals also rallied as investors sought safe-haven assets. Cooler CPI readings and concerns about Fed independence pressured the dollar and supported demand for Bitcoin. Ethereum and Solana gained modestly, to about $3,338 and $144 respectively. Bitcoin fell more than 6% in 2025 despite the Genius Act, contrasting with a roughly 17% S&P 500 gain, and plunged from a $126,000 peak to about $84,000 after the October flash crash when traders lost $19 billion.
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