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Bitcoin Rebounds as Trump’s Push Against Powell Weakens Dollar

By Sidhartha Shukla and Suvashree Ghosh

April 21, 2025 at 10:00 AM GMT+6

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Bitcoin rallied to its highest level since Donald Trump’s “Liberation Day” tariff announcements as the dollar slumped amid renewed fears over the US president’s efforts to remove Federal Reserve Chairman Jerome Powell.

The largest cryptocurrency by market value jumped about 3% to top $87,600 on Monday morning in Singapore, according to data compiled by Bloomberg. That erased most of the losses sustained since Trump’s April 2 reciprocal tariff announcement, which plunged global markets into turmoil.