Donald Trump's demand for the resignation of Federal Reserve Chair Jerome Powell highlights existing economic tensions and triggers fluctuations in the crypto market.
Trump's Criticism and Demands
Donald Trump expressed dissatisfaction with Jerome Powell's actions, demanding his immediate resignation. According to Trump, high interest rates have led to economic issues, and he called Powell's committee a "failure." Trump stated on his official Twitter:
"Powell and his whole committee should be ashamed of themselves for what they are doing to our country. Their job is one of the most important in the country but also the easiest. They had one job to do, and they failed." - Donald Trump, President of the United States.
Impact on the Crypto Market
Trump's criticism significantly affected the cryptocurrency markets, causing Bitcoin's price to decline by 2.28%, reaching a low of $105,252.18. Increased market volatility highlights a shift towards crypto assets as a hedge against fiat instability. Political uncertainty exacerbates the situation.
Historical Context and Consequences
Historical episodes indicate that criticism from high-ranking officials often results in market turbulence, particularly affecting Bitcoin and Ethereum. Crypto assets begin to gain attention as safe havens during uncertainties surrounding Fed policy, where macro-political factors influence financial hedging strategies.
Trump's criticism of Powell sets off a chain of events that may significantly impact cryptocurrency markets, confirming the importance of political changes for the financial sector.
