Bitcoin jumped to fresh, high prices for the second day in a row on Thursday after President Trump updated his push to encourage the Federal Reserve to cut interest rates.
Bitcoin prices jumped to $112,599 on Thursday for each Coingecko data, setting a new record for major cryptocurrencies. Bitcoin is currently up 3.5% the day after it was recently shot.
On Wednesday, Coinbase showed that BTC had surpassed $112,000 for the first time, breaking its previous record from late May by around $111,900.
President Trump wrote in the true social social media platforms that the crypto market is “through the roof,” and that it's time for the Federal Reserve to lower fees.
He said: “Tech stocks, industrial stocks and NASDAQ are record highs of all time!”
The president's post states, “The Fed needs to rapidly lower low prices to reflect this strength. America should be at the top of the list.” There's no inflation!!!”
The biggest digital coins plunged into other assets at the beginning of April following President Donald Trump's aggressive new tariff policy. However, crypto and stocks are shrugging Trump's announcement of a more recent trade war, showing a record surge.
President Trump has criticized Federal Reserve Chairman Jerome Powell in the past for not lowering interest rates, calling him a “loser” and “silly” and threatening to fire him. Powell recently denounced Trump's policies for lack of rate cuts.
The Federal Reserve began aggressively raising prices in 2022 in an attempt to control 40 years of high inflation. Both stocks and crypto were hit negatively by the tightening.
Last year, the central bank cut interest rates but was hesitant to lower them even further.
Other major coins and tokens jumped on Thursday Ethereum The price of $2,783 has jumped nearly 5% recently. Solana, the sixth largest virtual coin, rose nearly 2%, trading hands at $157.
One analyst said Decryption I hope that Bitcoin will win first.
“We're looking forward to seeing you in the future,” said Joe Dipasquale, CEO of Bitbull Capital, Crypto Fund Manager. “Bitcoin rally is driven by a mix of strong ETF influx, new institutional demand and a wide range of risk-on environments as investors predict Fed rate reductions.”
“When BTC cleared a major psychological level of around $110,000, bystander capital jumped in and pushed prices to new highs,” he continued. “On-chain data and positioning suggest that there is still room to implement, so if sentiment changes, the market remains vulnerable to sharp pullbacks, but it appears increasingly likely that testing levels exceed previous ATH.”
Additional Reports by James Rubin
