“Bitcoin rose above $88,000 amid concerns about US policyBitcoin held above $88,000, yen fell to 140 per dollar. Concerns about US tariffs and reshuffles in the Fed are increasing the
attractiveness of safe haven assets.”, — write: unn.ua
DetailsThe yen rose nearly 1% to 139.93 against the dollar, its highest level since September. Gold rose to new highs of $3,494 an ounce in Asian morning hours.
Gold reached a record high amid concerns about the Fed after Trump’s words22.04.2025, 09:00 • 2286 views
According to reports, Trump accuses the Fed of the economic consequences of the trade war if the US central bank does not cut rates soon, and the dismissal of the head usurps the appearance of independence currently enjoyed by the Federal Reserve.
BTC added just over 1% in price, continuing its steady growth since Sunday. Ether (ETH), Cardano ADA, XRP and Solana SOL showed signs of profit-taking with drops of up to 3%, according to CoinGecko data.
KAS Kaspa and POL Polygon rose up to 9%, leading the growth among mid-cap companies, albeit without immediate catalysts.
Traders noted that bitcoin’s growth amid global events strengthens its position as a possible risk-free asset.
“Today’s growth is further evidence of bitcoin’s growing role as a risk-free asset,” said Jerry O’Shea, head of global market analysis at Hashdex, in an email to CoinDesk. “Over the past five years, bitcoin has shown double-digit returns in the months following major geopolitical and macroeconomic events, such as the COVID pandemic, Russia’s invasion of Ukraine and the US banking crisis in 2023,” he pointed out.
“Gold is currently trading at its nominal all-time high, which could bode well for bitcoin’s strong performance if investor appetite for risky assets increases – while global liquidity is rising and the US regulatory environment is rapidly improving,” added O’Shea.
The rise in gold prices and bitcoin’s (BTC) relatively strong price performance amid the sell-off in the global market have led some traders to reconsider the latter’s role as “digital gold” – an important storyline in bitcoin’s early years, but one that has recently lost momentum.
What analysts are sayingMeanwhile, chart watchers say bitcoin has crossed a key technical indicator this week, putting it in a position for a higher move in the coming days.
“On Monday, bitcoin jumped to 87,500, testing the highs of late March,” CoinDesk’s chief market analyst Alex Kupcikiewicz said. “The leading cryptocurrency managed to bounce off the 50-day moving average, around which it has been fluctuating for the past week and a half.”
“A confident close above the $88,000 area would signal a break of the downtrend and a return to levels above the 200-day moving average. Confident growth from current levels would be a key signal for the entire market, again positioning BTC as a flagship ready to pave the way,” Kupcikiewicz added.
For referenceMoving averages in financial markets are tools used to smooth price data over time, showing the average price of an asset (such as a stock) over a period of time. 50-day and 200-day moving averages are commonly used as they represent medium-term and long-term trends respectively.
These periods are widely tracked, making them self-fulfilling as many traders act on them, amplifying their importance.