Bitcoin’s price surged on Tuesday, rising above $89,400 after starting the day near $87,100. This increase followed recent remarks by former U.S. President Donald Trump, who downplayed the decline in the dollar’s value, stating that the dollar is “in the best shape.” Following his comments, the dollar weakened further, boosting demand for alternative investments such as gold and Bitcoin. Gold reached a new all-time high of $5,223 per ounce, reflecting growing demand for hard assets amid global currency uncertainty. Bitcoin has similarly benefited from this uncertain environment, recovering from a drop below $86,000 at the end of last week. Over the past 24 hours, Bitcoin has shown an upward trend, indicating buyers are attempting to regain short-term market control. However, uncertainty remains due to upcoming U.S. Federal Reserve policy decisions. Bitcoin is currently trading around $89,320, with a daily trading volume close to $43 billion. Of the total supply of 21 million bitcoins, approximately 19.9 million are in circulation. Meanwhile, shares of Bitcoin mining companies are also rising rapidly, particularly those expanding into artificial intelligence and high-performance computing sectors. For example, IREN and Cipher Mining shares have increased by more than 13%, while Hut 8 and TeraWulf shares have risen by about 10%. This trend reflects a shift in perception of major mining firms from mere Bitcoin mining proxies to power and data center businesses. Overall, the rise in cryptocurrency and gold prices highlights investors’ preference for safe-haven assets amid global economic uncertainty and a weakening U.S. dollar.
Source: bitcoinmagazine
