: Crypto Surge: How Tariffs, a Weak Dollar, and Wall Street Woes Are Supercharging Bitcoin
Highlights:
Bitcoin Hits New Highs: Bitcoin surged 3.6% to $87,397, peaking at $87,767—its highest level since April 3, shortly after the U.S. announced new reciprocal tariffs.
Markets Under Pressure: U.S. stock indexes declined amid rising trade tensions between the U.S. and China, alongside President Trump’s criticism of Federal Reserve Chair Jerome Powell.
China’s Warning: Beijing cautioned countries against striking deals with the U.S. that may hurt Chinese interests, promising retaliatory tariffs in return.
Dollar Dips, Crypto Climbs: The U.S. Dollar Index (DXY) fell to a three-year low, enhancing the appeal of alternative assets like cryptocurrencies and gold.
Altcoins Follow Suit:
XRP rose 3.2%
Ether climbed 2.9%
Solana gained 0.8%
Crypto’s Political Boost: Optimism around Trump’s second term and potential crypto-friendly policies helped fuel a broader crypto rally late in 2024—though Bitcoin remains 15% below its inauguration-day price.
Banking on Crypto:
Firms like Circle and BitGo are reportedly seeking bank charters or licenses to operate more like traditional financial institutions.
Stablecoin ambitions are also driving interest in limited-purpose licenses that bridge the gap between crypto and banking.
Coinbase in the Mix: Crypto giant Coinbase is also exploring regulatory licensing options, further signaling the sector’s push toward mainstream financial integration.
