Can Bitcoin Price Follow Gold? Fed Chair Investigation Behind Gold’s Rise, Peter Schiff Claims

Gold reached record highs after Federal Reserve Chair Jerome Powell disclosed that the Justice Department issued grand jury subpoenas to the central bank. Longtime gold advocate Peter Schiff claimed this investigation fueled safe-haven demand, contributing to gold's rally. Powell framed the investigation as a political attempt to intimidate the Fed and compromise its independence in setting interest rates. Schiff agreed with Powell regarding the political motivation but criticized both Powell and Trump for maintaining overly loose monetary policy and low interest rates, which he believes cause inflation and speculation. Meanwhile, Bitcoin faces technical uncertainty; an analyst noted the formation of a bear flag on the daily chart, suggesting a potential resumption of the prior downtrend if support breaks, despite some momentum indicators suggesting a possible rebound.

(Source：CCN)