Bitcoin Climbs to $85,500 After Fed Decision, Gold Soars Past $3,050
Gold continues to dominate as the standout asset of this market cycle, setting a new record above $3,050 per ounce. Meanwhile, crypto markets posted moderate gains following the Federal Reserve’s decision to hold interest rates steady at 4.25%-4.50%.
Bitcoin (BTC) jumped 4.5% in the past 24 hours, reaching $85,500—its highest level since March 9.
The broader crypto market followed suit, with the CoinDesk 20 index climbing 6%. Ethereum (ETH) and Solana (SOL) each posted 7% gains, while XRP surged 10% after Ripple CEO Brad Garlinghouse suggested the SEC may be dropping its lawsuit against the company.
Crypto-related equities also saw a boost. Bitcoin miners Bitdeer (BTDR) and Core Scientific (CORZ) gained 10% and 8%, respectively. Bitdeer’s rise is likely tied to advances in its ASIC manufacturing technology and news that Tether has expanded its stake in the company to 21%. Core Scientific appears to be benefiting from the recent IPO filing of CoreWeave, its largest customer. Despite the rally, both stocks remain significantly down from earlier highs.
Fed Chair Jerome Powell addressed inflation concerns, stating that price pressures from tariffs would likely be temporary and that recession risks remain low. Markets reacted positively, with the Nasdaq, S&P 500, and Dow Jones each posting gains of more than 1%.
However, some analysts remain skeptical. Economist Mohamed A. El-Erian criticized Powell’s confidence in calling tariff-driven inflation “transitory,” noting that the Fed had previously underestimated inflation’s persistence. “Given past mistakes and ongoing uncertainty, it’s premature to make such claims,” he wrote on X.
Meanwhile, gold continues its rally, surpassing $3,050 per ounce as investors seek safe-haven assets. Callie Cox, chief market strategist at Ritholtz Wealth Management, believes the Fed’s stance could put pressure on equities. “The Fed appears unwilling to ease policy too soon, which could spell trouble for stocks. The era of a ‘soft landing’ might be over,” she remarked.
