President Donald Trump called on the U.S. Federal Reserve on Monday to slash interest rates after the central bank voted to keep them on hold. "I'd like to see the Fed lower interest rates," Trump said during a cabinet meeting. This indicates that the Trump administration encourages borrowing and investment amid growing global unease.
As per reports , the call comes as Wall Street prepares for the administration's tariff plan, which it has proposed starting on April 2 . The tariffs are now set to be more targeted, perhaps not affecting specific industries.
The tariff barriers were expected to be on imports in sectors like automobiles, semiconductors and pharmaceuticals and were initially proposed as high as 25 percent. However, reports say the administration is more likely to pursue tariffs on specific countries.
The softer tone on tariffs has only driven U.S. equities higher, with global stocks rallying and Treasury yields rising, but there are early signs of life in crypto markets as well.
Crypto market reacts to Trump's comment
Bitcoin is hovering at $88,406, trying to break past the $90,000 mark. Based on Kraken's price feeds, it has seen 0.18% in the past hour.
Analyst CrazzyBlockk says that two important on-chain cost basis zones are under scrutiny: $84,000 to $85,000 for super-active addresses and $91,000 for short-term whales.
The analyst believes a hold above $84,000 indicates strength in the market, whereas a break past $91,000 would likely result in further upside.
Long-term holder confidence persists as whales and longtime players have yet to shake off their positions.