Bitcoin soars past $87K, XRP and Ethereum also gain as US stocks face volatility

Bitcoin, after a significant interval, yet again climbed to its ‘Liberation Day’ peak on Monday, touching the $88,000 mark by undergoing a price jump of 4.3% within a single day. This is rather significant, considering the fact that US stocks are plummeting steadily, with Dow Jones touching record lows in recent days.

Trump-Powell issue taking a toll

The current economic uncertainty gripping the United States, coupled with the recent banter between President Donald Trump and Federal Reserve Chair Jerome Powell appears to be taking a toll. According to CNN, Powell and Trump’s escalation of issues has led to a major impact at the US stock market, with stock prices sliding within a matter of days. However, reports suggest that Bitcoin is holding its ground and is surging heavily even as stock prices fall.

Bitcoin, Ethereum, XRP prices surge

Bitcoin is not the only cryptocurrency that joined the party. Other major cryptocurrencies, including the likes of Ethereum and XRP, also witnessed a jump of nearly 2.9% and 3.3%, respectively, according to Coindesk statistics. The broader investor sentiment is currently on a cautionary mode, but at the same time the prices of cryptocurrencies are climbing up. While the Bitcoin touched record peaks, S&P 500 index crashed over 125 points and traded around the 5,154 level mark on Monday.

Donald Trump’s tariff play is currently one big factor at the international markets, with the US dollar also seeing a major drop in recent times as the index is currently trading at a 3-year-low.

More to go for Bitcoin

Meanwhile, Bitcoin is yet to reach its all-time highs, and is much short of that goal that was observed just earlier this year. Bitcoin had touched the $110k price mark just this year owing to positive investor sentiments but the popular cryptocurrency dropped the ball soon after the profits were booked.