Bitcoin and Major Cryptocurrencies Rally as Markets Seek Safe Havens Amid Powell Inquiry

Bitcoin and other major cryptocurrencies saw price gains on Monday, with markets treating digital assets as potential safe havens in the face of political uncertainty surrounding Federal Reserve Chair Jerome Powell. Despite pressure on U.S. stock futures — particularly the Nasdaq 100, which slipped ahead of the trading session — Bitcoin climbed about 0.9% to approximately $91,500, briefly surpassing $92,000. This marks a notable recovery, though Bitcoin remains roughly 28% below its October peak above $126,000. Ethereum also rose modestly by about 1.3% to $3,132, while XRP saw a slight decline of around 1.8% following recent gains. The price movements suggest that investors are increasingly considering cryptocurrencies as alternative asset plays, similar to gold and silver, which also saw price increases. The backdrop to this rally includes a Department of Justice investigation involving Powell’s past testimony, which has added to market volatility and boosted demand for perceived “safe” assets. Analysts note that this shift underscores the evolving role of digital assets in times of broader financial uncertainty. #Bitcoin #Cryptocurrency #MarketRally #SafeHaven #SlimScan #GrowthStocks #CANSLIM