HONG KONG (AP) — Global shares fell Monday and U.S. futures and the dollar also weakened after Moody’s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.

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.

A Moody's downgrade of the US credit score reverberated through financial markets Monday, but the response from many in Washington was to immediately try to minimize the news.

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).

The US is no longer a triple-A sovereign credit, but top banks think investors are focused on other market narratives, with volatility to be short-lived.

A U.S. sovereign downgrade by Moody's has exacerbated investor worries about a looming debt time-bomb that could spur bond market vigilantes who want to see more fiscal restraint from Washington. The ratings agency cut America's pristine sovereign credit rating by one notch on Friday,