Trump pressures the Federal Reserve causing the US dollar to plummet, while Bitcoin starts a rebound frenzy.

Bitcoin rose to its highest level since US President Donald Trump announced tariffs on "Liberation Day." Meanwhile, the US dollar plummeted as markets once again expressed concern over Trump's attempts to remove Federal Reserve Chairman Jerome Powell. Bitcoin increased by about 3% on Monday, reaching $87,600, recovering most of the losses since Trump announced tariffs on April 2. Bitcoin reached its highest level since the tariff announcement on April 2. The rebound in Bitcoin comes as the US dollar and US stock index futures fell on Monday, following criticism from Trump on the Federal Reserve, raising concerns over the institution's independence. Kevin Hassett, chairman of the National Economic Council, said last Friday that Trump is still considering ways to dismiss Fed Chairman Powell, leading to the dollar index falling to its lowest point since January 2024. It is worth noting that gold prices soared to new highs on Monday, further highlighting investors' demand for safe haven assets and inflation hedging assets. Sean McNulty, Asia-Pacific derivatives trading chief at cryptocurrency brokerage firm FalconX, said, "The weak dollar has driven the rise in cryptocurrencies." However, he added that the cryptocurrency market is experiencing "holiday liquidity shortages" causing the "uptrend to be exaggerated."