While Trump and his advisors are studying whether they could fire Federal Reserve Chair Jerome Powell, his latest statement could help Bitcoin (BTC) to maintain its upward trajectory and break the $90K barrier.
At the time of writing, BTC is trading at around $88,119 with a 4.17% hike in the last 24 hours.
It’s been quite long since BTC stayed in a consolidation phase and has been juggling between $82,000 and $88,000. It is clearly struggling to break the key resistance level of $90,000. If it happens, this could be the first time since March 6, 2025.
How Would Bitcoin React If Trump Fires Jerome Powell?
According to White House economic adviser Kevin Hassett, “firing Jay Powell is an option in a way that it wasn’t before.”
The feud between the U.S. President and the Federal Chairman took an ugly turn after Federal officials refused to touch the interest rates by citing economic uncertainty and the ongoing trade war between the U.S. and the rest of the world.
After imposing new tariffs, Donald Trump remarked that he is expecting Powell to cut interest rates, as it “would be a perfect time”.
In the latest post, Trump slammed Jerome Powell for his political bias and his bigoted actions during the previous government led by Joe Biden.
“Preemptive Cuts in Interest Rates are being called for by many,” Trump Said. “There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already “lowered” seven times. Powell has always been “Too Late,” except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
If Trump fires Jerome Powell, this unprecedented move “would be very positive for Bitcoin,” according to Juan Leon, a senior investment strategist at Bitwise.
The current global scenario and intense global trade war could also influence the crypto market as investors’ confidence in the U.S. economy is gradually depleting. This could force them to find alternative options to the traditional market.
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