In brief
- Bitcoin continued to soar on Thursday, touching a new all-time high price for the second straight day.
- President Trump urged the Fed to again cut interest rates, citing the surging crypto and stock markets.
- The U.S. leader has frequently pushed the central bank to make a cut, slamming Jerome Powell in the process.
Bitcoin jumped to a fresh all-time high price for the second day in a row Thursday, after crypto-friendly President Trump renewed his push to urge the Federal Reserve to cut interest rates.
The price of Bitcoin jumped to $112,599 on Thursday, per data from CoinGecko, setting a new record for the leading cryptocurrency. Bitcoin is currently up 3.5% on the day after recently being rangebound.
On Wednesday, Coinbase showed that BTC had topped $112,000 for the first time, beating the previous record from late May of around $111,900.
President Trump wrote on his social media platform Truth Social that the crypto market was “through the roof,” and that it was time for the Federal Reserve to lower rates.
He said: “Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS!”
The President’s post added: “FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH. USA SHOULD BE AT THE ‘TOP OF THE LIST.’ NO INFLATION!!!”
The biggest digital coin had struggled and plunged with other assets at the start of April, following President Donald Trump’s aggressive new tariff policy. But crypto and stocks have shrugged off President Trump’s more recent trade war announcements, showing record surges.
President Trump in the past has slammed Federal Reserve Chair Jerome Powell for not lowering interest rates, calling him a “loser” and “stupid,” and threatening to fire him. Powell recently blamed Trump’s policies for the lack of rate cuts.
The Federal Reserve started aggressively raising rates in 2022 in a bid to try and control 40-year high inflation. Both stocks and crypto were negatively hit by the tightening.
Last year, the central bank cut rates, but has been hesitant to lower them further.
Other major coins and tokens jumped on Thursday, with Ethereum recently priced at $2,783—a nearly 5% jump. Solana, the sixth biggest virtual coin, rose by nearly 2%, and was trading hands for $157.
One analyst told Decrypt to expect further Bitcoin gains ahead.
“We are likely headed even higher,” said Joe DiPasquale, CEO of crypto fund manager BitBull Capital. “Bitcoin’s rally is being driven by a mix of strong ETF inflows, renewed institutional demand, and a broad risk-on environment as investors anticipate Fed rate cuts.”
“Once BTC cleared key psychological levels around $110K, sidelined capital jumped in, pushing prices toward new highs,” he continued. “On-chain data and positioning suggest there’s still room to run, so testing levels beyond the previous ATH looks increasingly probable, though the market remains vulnerable to sharp pullbacks if sentiment shifts.”
Additional reporting by James Rubin
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