AsianFin -- Bitcoin surged past $88,000 on Monday, reaching its highest level since late March, before easing to around $86,800. The rally came amid a sharp drop in the U.S. dollar, which fell to a three-year low as markets reacted to Donald Trump’s reported threat to fire the Federal Reserve chair, stoking fears of political interference in monetary policy.

The price spike triggered a wave of liquidations. Data from CoinGlass showed more than $97 million in Bitcoin short positions were wiped out in the past 24 hours. Total liquidations across the crypto market neared $180 million, with Ethereum shorts accounting for over $26 million.