The price of %Bitcoin (CRYPTO: $BTC) is up more than 3% in the past 24 hours and has climbed back above $87,000 U.S. as stock markets around the world remain volatile and unpredictable.
Bitcoin is marching higher as all three major U.S. stock indices slide lower to begin the trading week, with the blue-chip Dow Jones Industrial Average (DJIA) down 400 points on April 21.
At the same time, the U.S. dollar index has hit a three-year low on reports that U.S. President Donald Trump is exploring ways to fire Federal Reserve Chair Jerome Powell.
Bitcoin is currently trading at $87,500 U.S., its highest level since April 2 when Trump announced reciprocal import tariffs on more than 100 countries worldwide.
Bitcoin had been languishing near $80,000 U.S. in recent weeks amid ongoing uncertainty around tariffs and trade wars, and amid a flight to safety among investors worldwide.
But now, it appears that many investors are moving back into cryptocurrencies as volatility in equity markets intensifies.
Other cryptocurrencies, such as XRP (CRYPTO: XRP), %Ethereum (CRYPTO: ETH), and %Cardano (CRYPTO: ADA), are also gaining traction and up 2% or more on April 21.
The rise in crypto prices comes as the U.S. dollar has now declined by 10% in the past three months.
Weakness in the greenback, as the U.S. dollar is known, often eases financial conditions, leading to greater risk-taking in financial markets.
In addition to crypto, investors also continue to pile into gold, pushing its price to record levels above $3,300 U.S. per ounce. Gold us now up nearly 30% on the year.
Market analysts, economists, and some central bank officials have warned that any attempt to fire Fed Chair Powell would undermine the credibility of the U.S. central bank and wreak havoc in financial markets.
The price of Bitcoin is down 7% on the year.
