US dollar, stocks tumble and crypto gains as Trump amps up pressure on Fed
Crypto markets remained stable despite a significant decline in US stock markets, with the S&P 500 dropping 2.4%, the Nasdaq 2.5%, and the Dow Jones nearly 1,000 points on April 21. The S&P 500 has fallen over 12% year-to-date, while the Nasdaq is down almost 18%. Tensions between Donald Trump and Federal Reserve Chair Jerome Powell escalated, with Trump advocating for interest rate cuts amid claims of low inflation. Powell has maintained rates at 4.5% and warned that Trump's trade tariffs could lead to stagflation. The US Dollar Index fell over 10% this year, reaching a three-year low below 98. In contrast, crypto markets retained weekend gains, with total capitalization at $2.83 trillion and Bitcoin reaching a four-week high of $88,500, demonstrating resilience during market turbulence.
