The threat to the Fed's independence caused the dollar to plunge
2025-04-21 02:58:03
News that Trump was trying to oust Federal Reserve Chairperson Jerome Powell led traders to dump the dollar against major currencies. Fearing the Fed's independence was threatened, traders dumped the dollar, pushing up the price of bitcoin and gold. Bitcoin surged more than 2 percent to $87,200, its highest level since April 2, as the dollar index fell to a three-year low. Also, major counterfeit products such as XRP, ETH and ADA rose more than 1 percent, but less than bitcoin.
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