Bitcoin And other cryptocurrencies surged along with other risk-on assets backed by the US-UK trade agreement on Thursday, with Federal Reserve Chairman Jerome Powell cutting interest rates despite President Donald Trump's latest attack.
The largest cryptocurrency by market value fell below $100,000 for the first time since February on a Thursday morning in New York. Crypto has recently traded over $101,289 after jumping over 5% in the last 24 hours.
On Wednesday, the Fed decided to hold interest rates without changing, causing Trump to anger.
Trump has renewed criticism of Powell after comments from the White House Oval Office to announce a trade deal with the UK. “Fed Chairman Jerome said that if he cuts interest rates… like many other countries, it's like jet fuel,” Trump said. “That would be great.”
Trump added: “He doesn't love me, so he doesn't want to do it,” the president called Powell a “fool.”
Bitcoin has been steadily progressing historically in a low interest rate environment. At low interest rates, investors tend to buy more “risk-on” assets, such as stocks and crypto.
Major equity indexes have also risen, with the S&P 500 and Nasdaq each jumping more than 1% in investors' hopes to end investors' trade hostilities.
President Trump also said at a press conference Thursday that investors should buy the stock right now.
It also includes other digital assets that are surged on Thursday Ethereumthe second largest virtual coin, beating $2,053 for the first time since early March, up over 14% on the same day as the previous day. The cryptocurrency price has recently been at $2,047.
XRP and Solana rose by more than 6% and 10% respectively. Meanwhile, traditional Safe Have Asset Gold has decreased by more than 2%.
Edited by James Rubin
