The bitcoin price rallied sharply into the close on Tuesday, surging above $89,400 after trading as low as $87,100 earlier in the day, according to Bitcoin Magazine Pro data, as markets reacted to fresh remarks from President Donald Trump on the U.S. economy.

The late-day move came as Trump, speaking in Iowa, dismissed concerns over the weakening U.S. dollar, telling supporters he was “not concerned” about its decline and insisting the dollar was “doing great.” The comments triggered an immediate reaction across markets, with the dollar sliding further and alternative stores of value catching a bid.

Gold climbed to a new all-time high of $5,223 per ounce at the time of…

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