Collective rise of cryptocurrencies amid concerns about the independence of the Federal Reserve

Cryptocurrency prices witnessed a notable increase during trading on Monday, with Bitcoin jumping to trade above the $87,000 mark. This rise came amid a decline in the value of the US dollar, amid growing concerns over President Donald Trump's potential efforts to impeach Federal Reserve Chair Jerome Powell.

Bitcoin increased by 3.36% to reach $87,485.65, according to data from the "Coinbase" platform. Thus, Bitcoin is trading at its highest level since April 2, the date Trump announced reciprocal tariffs.

Other cryptocurrencies also recorded strong gains, with Ethereum rising by 3.87% to reach $1,644.7, Ripple increasing by around 2.33% to $2.1269, Trump's coin climbing by 2.4% to $8.319, and Dogecoin surging by 3.85% to $0.1619.

This recovery in the cryptocurrency market coincides with gold prices hitting all-time highs, indicating that investors are shifting towards assets considered safe havens during times of uncertainty.

These movements come as President Trump continues to criticize the decisions of Federal Reserve Chair Jerome Powell, describing him as "always wrong and late," and urging him to lower interest rates, which has heightened concerns about the independence of the US central bank and its impact on the value of the dollar.