Bitcoin has surpassed $87,000, reaching a peak of $88,000 amid US stock market volatility. Other cryptocurrencies like Ethereum and XRP have also seen gains, whilst the US dollar is at a three-year low due to economic uncertainty and tariff policies. Despite the rise, Bitcoin remains below its all-time high of $110,000.
Bitcoin has recently surged past the $87,000 mark, reaching a high of $88,000 after a price increase of 4.3% in one day. This spike is notable against a backdrop of declining US stock markets, particularly with the Dow Jones index experiencing significant losses in recent days.
The current market volatility has been exacerbated by tensions between President Donald Trump and Federal Reserve Chair Jerome Powell, which has adversely affected US stock prices. However, Bitcoin continues to perform strongly, showcasing resilience even as broader stock declines occur.
Other major cryptocurrencies like Ethereum and XRP have also benefitted from this bullish trend, with increases of approximately 2.9% and 3.3% respectively, as reported by Coindesk. Despite an overall cautious investor sentiment, the cryptocurrency market appears to be on an upward trajectory, contrasting sharply with the S&P 500 index, which fell over 125 points to around the 5,154 level on Monday.
Additionally, Trump’s tariff policies are contributing to international market dynamics, with the US dollar plummeting to a three-year low. While Bitcoin has made significant strides, it remains below its all-time high of $110,000, reached earlier this year due to positive investor sentiment before retreating as profits were realised.
