The recent threats to the independence of the Federal Reserve (Powell might be replaced), as well as the escalation of tariffs and broader concerns about the credibility of US policy, fall completely into the second category. He wrote.

Dilin Wu, a research strategist at Pepperstone, an Australian foreign exchange and CFD broker, said: “The appeal of Bitcoin also lies in the fact that it seems to be shaking off its reputation as a risky asset related to technology.” Over the past month, the correlation between Bitcoin and the Nasdaq, the US dollar and even gold has been very low.

These shifts indicate that Bitcoin may increasingly be regarded as a hedging tool, or even an unrelated asset class, rather than merely a speculative transaction. He added.