Bitcoin, gold, and silver moved higher during early Asian trading as the U.S. dollar weakened sharply, following comments by Federal Reserve Chair Jerome Powell that reignited concerns over political pressure on the central bank.

A Department of Justice subpoena of the Federal Reserve, alongside threats of potential criminal charges, was widely interpreted by markets as retaliation for the Fed’s refusal to align with President Donald Trump’s preferred interest-rate policy.

Historically, even the perception of political interference has been enough to prompt investors to rotate into alternative stores of value. That dynamic was evident in the overnight strength in gold and silver, which extended already positive momentum as investors sought hedges against institutional and political risk.

QCP’s Jan. 12 market update notes that bitcoin initially joined the move, signaling a renewed attempt by some market participants to frame the asset as a hedge against fiat-system or governance risk. However, the rally quickly lost steam. BTC failed to secure a sustained move above the $92,000 level with the lack of follow-through highlighting the structural headwinds bitcoin has faced since mid-October.

In the derivatives markets, traders have begun trimming longer-dated bullish exposure. Recent activity included partial reductions in January and February 2026 call options near the $98,000 and $100,000 strikes, as well as rolling some $100,000 January calls into March contracts with a higher $125,000 strike. The shift suggests expectations are being pushed further out rather than abandoned entirely.

Read more: Federal Reserve Gets Probed by DOJ, Chair Powell Alleges Fed’s Independence Is at Stake

Looking ahead, near-term volatility is likely to remain elevated. Markets will be closely watching US inflation data on Tuesday, followed by a US Supreme Court ruling on tariffs expected Wednesday, both of which could shape cross-asset positioning and risk sentiment.

• Why did gold and silver rally on political news?
Concerns over U.S. political pressure on the Federal Reserve weakened the dollar and boosted safe-haven demand.
• How did bitcoin react to the safe-haven move?
Bitcoin briefly rose but failed to hold above $92,000, reversing as selling pressure returned.
• What are options markets signaling about bitcoin’s outlook?
Traders are reducing near-term bullish bets and pushing upside expectations further into 2026.
• What events could drive near-term crypto volatility?
Upcoming U.S. inflation data and a Supreme Court ruling on tariffs may influence risk sentiment.

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