This week in the cryptocurrency world saw many significant events that could impact the market's future. Let's take a look at the most important news.
Possible Resignation of Jerome Powell
Jerome Powell, the Chair of the Federal Reserve, may be preparing to step down. Fannie Mae's board member William Pulte expressed his encouragement over reports of Powell's potential resignation, stating it would help the economy 'boom.' Pressure has been mounting from President Trump, who criticized Powell for not cutting rates. Additionally, Powell is facing accusations of misleading Congress regarding a $2.5 billion Fed renovation. A decision could impact both markets and crypto flows.
Justin Sun's Investment in Trump's Memecoin
Justin Sun plans to invest $100 million in a memecoin associated with Donald Trump, just days before a $474 million token unlock. The Tron founder announced this on X, emphasizing that the move aims to grow the 'crypto landscape' with communities such as GetTrumpMemes. The token is expected to launch on the Tron blockchain.
Ripple's Market Impact
Ripple CEO Brad Garlinghouse is now among the wealthiest figures in crypto, with an estimated net worth of $10 billion. His equity and XRP holdings surged following Ripple's partial legal victory against the U.S. SEC. The company settled for $50 million – far less than the original demand. Garlinghouse continues to advocate for cryptocurrency-friendly regulations and stronger global partnerships.
The week in the cryptocurrency industry has been eventful, with many occurrences that could shift the market's direction. Investments in memecoins, potential market changes, and innovations in Ripple raise pertinent questions for further analysis.
