Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating. Spot gold rose 0.9% to $3,229.51 an ounce by 1315 ET (1715 GMT).

White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

Bitcoin sold off from $107,000 due to profit taking, and the recovery back to $105,000 is a sign that multiple bidders expect higher prices in the near future.

China on Monday called on the United States to take responsible policy measures to maintain the stability of the international financial and economic system and safeguard the interests of investors.

Moody’s downgrades the U.S. credit rating for the first time since 1919, citing rising debt. Crypto markets react with Bitcoin and Ethereum slipping as investors weigh broader economic risks.

The U.S. dollar slipped in early Asian trading, trimming a four-week winning streak as markets reacted to a surprise downgrade of Americas credit rating and persistent global trade tensions. The greenback had gained 0.