Bitcoin BTC$97,231.90 pushed higher during the U.S. morning, rising as high as $97,000 at one point and lifting bitcoin related equities alongside. Strategy (MSTR), the largest bitcoin treasury company, rose more than 8% and KindlyMD (NAKA) advanced 10%
Metaplanet, the largest Asian bitcoin company, gained 15% in Tokyo trading. Strive (ASST) added 7% after Semler Scientific (SMLR) shareholders voted to approve the company's acquisition.
A notable divergence is emerging across asset classes. Technology stocks continue to lag, with the Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, down more than 1% on the day and roughly unchanged this year, while bitcoin is up around 10% over the same period.
Metals continue to outperform. Gold is trading near $4,600 an ounce and silver above $91 an ounce, with $5,000 and $100, respectively, looking achievable. Bitcoin also appears well positioned for further gains, with $100,000 increasingly in focus as major milestones across markets come into view.
Bitcoin’s advance comes as investors are digesting U.S. President Donald Trump’s escalating dispute with Federal Reserve Chair Jerome Powell. A criminal investigation into Powell was started on Friday, and that is causing investor caution, according to Trade Nation senior market analyst David Morrison.
“The broader tone suggested that investors were becoming increasingly concerned over recent domestic policy moves, particularly the apparent threat to the Federal Reserve’s independence, as well as growing US involvement internationally,” he wrote in a note Wednesday morning.
While equities have struggled as a result, bitcoin and altcoins, as well as precious metals are rallying, as investors seek protection.
“Markets are being pulled in multiple directions as geopolitics, trade policy uncertainty and concerns over central bank independence dominate sentiment,” said Lukman Otunuga, senior markets analyst at FXTM.
“While risk assets remain fragile, safe havens like gold and silver continue to shine. With key legal and political decisions looming, volatility is likely to remain elevated, creating both risks and opportunities for traders in the week ahead.”