Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
Rep. Anna Paulina Luna's statement on X, "Confirmed," regarding Jerome Powell's imminent firing as Federal Reserve Chair, spurred speculation in crypto markets, raising prediction-market odds of his ouster to 26%. Treasury Secretary Scott Bessent confirmed a formal search for Powell's successor is underway, with President Trump criticizing Powell's management of a $2.5 billion renovation project as grounds for dismissal. Bill Pulte indicated Powell might consider resigning, aligning with reports from Washington. While Bitcoin and crypto prices remained stable, analysts suggest Powell's potential replacement could lead to lower interest rates, positively impacting the crypto market. A shift away from quantitative tightening could recreate conditions favorable for a significant crypto bull run. The total crypto market cap is currently $3.68 trillion.
