The bitcoin price experienced a significant surge into the close on Yesterday, climbing above $89,400 after dipping to $87,100 earlier in the day, as reported. This movement came in response to new comments from President Donald Trump regarding the U.S. economy. The late-day move unfolded as Trump, addressing supporters in Iowa, brushed aside worries regarding the weakening U.S. dollar, asserting he was “not concerned” about its decline and confidently claiming the dollar was “doing great.” The remarks sparked a swift response throughout the markets, leading to a decline in the dollar while alternative assets gained traction. Gold surged to an unprecedented peak of $5,223 per ounce as of this writing, highlighting the increasing appetite for tangible assets in the face of escalating currency instability.
The bitcoin price seemed to gain from the prevailing macro tailwinds, reversing the earlier caution that had overshadowed trading after last weekend’s drop to $86,000. The rally signifies a significant change in sentiment following a period where bitcoin faced challenges in regaining the $88,000 mark, influenced by uncertainties surrounding the Federal Reserve, ETF outflows, and persistent bearish technical pressures. Monday’s breakout above $89,000 indicates that buyers are regaining control in the short term. However, the markets continue to be highly responsive to macro signals, especially with the Federal Reserve’s policy decision approaching later this week.
As of the latest update, Bitcoin is priced at $89,320, reflecting a 2% increase in the last 24 hours, accompanied by a daily trading volume of $43 billion. The circulating supply of the asset is currently at 19,981,268 BTC, with a capped maximum of 21 million. Bitcoin miners shifting their focus to artificial intelligence and high-performance computing infrastructure are surging nearly 10% on Tuesday, as investors increasingly favor diversification beyond conventional mining revenues. IREN and Cipher Mining have surged over 13%, while Hut 8 and TeraWulf are seeing gains near 10%. This uptick continues a wider rally in the mining sector, linked to exposure in AI-related ventures. The shift occurs as markets progressively perceive large-scale miners more as power and data-center investments instead of straightforward Bitcoin proxies, especially following the tighter economics post-halving.
Companies such as Cipher, IREN, Hut 8, and TeraWulf have dedicated the past year to reallocating excess capacity towards long-term AI and HPC hosting contracts, which provide more stable cash flows and greater margins compared to relying solely on block rewards.