The recent rise of Bitcoin to $88,000 amid increasing pressure from former US President Donald Trump on the Federal Reserve has become a topic of discussion among investors. Trump is calling for interest rate cuts, raising concerns about the Fed's independence.
Trump's Pressure on the Fed
Donald Trump called on the Fed and its chair Jerome Powell to lower interest rates. In a post on Truth Social, he stated, 'There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.' This has led to a decline in the stock market.
The Cryptocurrency Market and Trump
Amid the turmoil in traditional financial markets, Bitcoin rose almost 1%, reaching $88,374. Investors began to seek alternatives, leading to a $60 billion increase in the cryptocurrency market despite falling stocks.
Surge of Meme Coins
The cryptocurrency market is showing gains not only for Bitcoin. The market capitalization of meme coins also increased by 3%, associated with strong performances of assets like Fartcoin, which rose over 17% in the last 24 hours.
The current market situation, particularly the rise of Bitcoin and Donald Trump's pressure on the Fed, indicates changing investor sentiments seeking new alternatives amid the instability of traditional assets.
