Bitcoin surged past $87,600 on Monday, reaching its highest level since late March, as investor concerns mounted over former US President Donald Trump’s renewed efforts to remove Federal Reserve Chairman Jerome Powell.
The cryptocurrency rose more than 3%, erasing most of the losses triggered earlier this month following Trump’s “Liberation Day” tariff declaration that had sent shockwaves through global markets.
Bitcoin’s rebound was accompanied by a similar move in gold, which climbed to a new record high. Both assets are widely seen as hedges against inflation and systemic risk, and their gains suggest investors are increasingly positioning for potential instability in traditional markets.
Hassett said Trump is exploring whether he can legally dismiss Powell, raising fresh doubts over the Fed’s political independence. A key gauge of the dollar dropped to its lowest level since Jan. 2024, reflecting the broader unease.
“If Chairman Powell can be fired by the President of the United States, it will crash the markets in the United States,” she said. Warren, a longtime critic of Powell, said she nonetheless supports his continued tenure in order to protect the institutional independence of the central bank.
Sen. Elizabeth Warren, speaking to CNBC, recently warned that any move to remove Powell could have far-reaching consequences
It rose more than $3,000 in a single day. The move marked a 16% recovery from its 2025 low of under $75,000. “Bitcoin is breaking out, reclaiming the $87,000 mark after recovering from its early April slump,” Maradiya said, pointing to renewed bullish momentum and a potential run toward the $90,000 to $94,000 range.
Bitcoin’s momentum continued to build as it reclaimed key technical levels. Himanshu Maradiya, founder of CIFDAQ Group, said the asset had bounced back strongly from its April 20 low.