Bitcoin closes in on $100,000 in surprise surge
New Year, new hope for Bitcoin. After several months of sputtering, Bitcoin is back on the rise. On Wednesday, the original cryptocurrency surpassed $97,000 for the first time in two months and is up more than 6% in the last week.
The jump in Bitcoin came after Federal Reserve Chair Jerome Powell issued a remarkable statement that accused President Donald Trump’s administration of directing a baseless criminal investigation at him in order to intimidate the agency. Meanwhile, the price of gold and other precious metals shot up as investors fled towards safe haven assets.
In addition to the uncertainty over the Fed’s independence, the latest inflation numbers appear to be driving the recent Bitcoin surge.
“The global macro backdrop is supportive as CPI came in cool on Tuesday, amidst generalized concerns about Fed independence following Powell’s speech, which put pressure on the dollar, whi
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