Bitcoin Surge to $87,000 Fueled by Dollar Decline and Market Concerns Over Fed Independence

According to Markus Thielen, the Director of 10x Research, the recent surge of Bitcoin towards $87,000 can be attributed to multiple macroeconomic factors. A notable decline in the US Dollar Index, which saw a decrease of 0.7% against the Euro, along with a 2% increase in gold prices, has contributed to this bullish momentum. Thielen highlighted that these movements were triggered by rumors surrounding former President Trump’s potential efforts to replace Fed Chair Powell. Additionally, impending announcements regarding a US-Japan trade agreement are capturing investor attention. Nevertheless, market participants remain acutely aware of the implications concerning the independence of the Federal Reserve, making this an essential focal point for future market evaluations.