The gains came as the US Dollar Index plunged to its lowest level since March 2022 amid concerns over political interference in monetary policy.
White House economic advisor Kevin Hassett said on Friday that Trump and his team were studying the legality of firing Powell.
"Powell’s termination cannot come fast enough!” Trump wrote in a Truth Social post while calling for the Fed to cut interest rates.
When the value of the dollar falls, investors often seek alternative assets to preserve their purchasing power.
Bitcoin, like gold, is viewed as a hedge against currency devaluation. Notably, gold prices were trading at a record high on Monday.
