With tech stocks soaring and Bitcoin hitting fresh highs, President Trump is renewing pressure on the central bank to ease monetary policy, framing market performance as a sign of economic strength.
Bitcoin reached a new all-time high above $112,000 on Wednesday amid increasing global demand for digital assets. The surge also pushed the overall crypto market capitalization back up to $3.4 trillion, a peak last seen in June 2025.
Despite recent gains, the total market value is still below the December 2024 record of $3.7 trillion. Bitcoin was trading at around $111,300 at the time of writing, per TradingView.
Trump has repeatedly urged the Fed to lower interest rates, but markets see little chance of a cut before September. The central bank has kept its benchmark rate steady at 4.25%–4.50% since December 2024.
While policymakers indicated in June the potential for two cuts by the end of the year, there was no agreement on near-term action.
Market pricing now reflects less than a 7% chance of a rate cut at the upcoming July 29–30 meeting, according to data from CME FedWatch.