Bitcoin Tops $91K in Crypto Rally Sparked by Trump’s Bid to Replace Fed Chair

Bitcoin has reclaimed its position above $91,000, marking its highest level since early March and signaling a robust recovery for the crypto market. The leading digital asset, which saw a significant uptick of over 3% within a 24-hour period, was recently trading at $91,226. This resurgence comes as traditional financial markets, including U.S. equities, bonds, and the dollar, stabilize following a turbulent start to the week. The broader market rebound aligns with gold reaching a new high, reflecting a renewed investor appetite for diverse assets.

The cryptocurrency’s rally follows a challenging period earlier in April, when Bitcoin and other risk assets experienced sharp declines triggered by President Donald Trump’s announcement of an aggressive new tariff policy. Despite this setback, Bitcoin has demonstrated resilience, buoyed by a combination of market dynamics and external developments.

Notably, the crypto market’s positive momentum coincides with heightened scrutiny of the Federal Reserve, as President Trump has publicly criticized its chair, Jerome Powell. Labeling Powell a “major loser,” Trump has expressed frustration over the central bank’s pace in lowering interest rates and even hinted at seeking Powell’s removal. Such rhetoric, which challenges the Federal Reserve’s long-standing independence, has sparked speculation among analysts that Bitcoin could benefit from any resulting policy shifts, given its decentralized nature.

Crypto Market Gains Momentum

Beyond Bitcoin, other major cryptocurrencies are also experiencing upward movement. Solana, the sixth-largest digital asset by market cap, surged over 4% to reach $143.55, its highest level since late March. Similarly, Dogecoin, the eighth-largest cryptocurrency, climbed to nearly $0.17, though it remains significantly below its three-year peaks from December and January. The bullish sentiment is further evidenced by substantial inflows into American Bitcoin exchange-traded funds (ETFs), which collectively recorded $381.3 million on Monday—their largest daily total since January 30. These inflows underscore growing investor confidence in Bitcoin as a viable asset class.

The connection between macroeconomic developments and crypto performance highlights the market’s sensitivity to both policy rhetoric and traditional financial trends. While Trump’s comments on the Federal Reserve have introduced uncertainty, they have not deterred crypto investors, who appear optimistic about Bitcoin’s near-term prospects. As the digital asset continues to push higher, its ability to maintain momentum amid evolving economic conditions will be closely watched by traders and analysts.