Trump Comments on Fed Chair’s Feelings as Crypto Market Rises

Simply put

• The Federal Reserve decided to keep interest rates the same on Wednesday.
• Meanwhile, Bitcoin surged past $100,000 on Thursday.
• President Trump continued to voice his criticism of Federal Reserve Chairman Jerome Powell.

On Thursday, Bitcoin and various cryptocurrencies saw a notable rise, buoyed by the recent US-UK trade agreement, even as Chairman Powell maintained the interest rate. This followed President Trump’s latest remarks against Powell.

Bitcoin, the largest cryptocurrency by market capitalization, dipped below $100,000 briefly for the first time since February, only to rebound over $101,289 after a more than 5% increase in the last 24 hours, as reported by Crypto Markets data provider Coingecko.

On Wednesday, the Fed’s choice to maintain interest rates did not sit well with Trump.

Trump renewed his criticism of Powell during comments made from the White House, where he announced a trade agreement with the UK. He remarked, “If Fed Chairman Jerome were to cut interest rates… like many other countries, it would be like jet fuel,” suggesting it would be beneficial.

He added, “He doesn’t love me, so he doesn’t want to do it,” referring to Powell as a “fool.”

Historically, Bitcoin tends to thrive in low-interest-rate settings. When rates are low, investors usually lean toward more “risk-on” assets like stocks and cryptocurrencies.

Major stock indices also climbed, with the S&P 500 and Nasdaq rising over 1%, fueled by hopes of easing trade tensions.

At a press conference on Thursday, Trump encouraged investors to consider buying stocks now.

On Thursday, other cryptocurrencies experienced significant gains as well; Ethereum, the second-largest, surpassed $2,053 for the first time since early March, gaining over 14% in just one day. Its recent price was around $2,047.

XRP and Solana also saw increases, more than 6% and 10% respectively, while traditional Safe Haven Asset Gold fell by over 2%.