US President’s Cryptocurrency Market Intervention Sparks Uncertainty and Waiting Game
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Trump Threatens to Fire Fed Chair as Crypto Traders Wait for FOMO
US President Donald Trump has sparked a heated debate by threatening to fire Federal Reserve Chair Jerome Powell, causing uncertainty in the crypto market and delaying the moment of truth for potential investors. The cryptocurrency market remains stagnant, with Bitcoin (BTC) hovering above $83,000 but failing to break resistance at $86,000.
Trump’s aggressive response came after Powell refused to cut interest rates despite increasing pressure from the White House. The President criticized Powell’s decision, saying he is “Too Late Jerome” and implying that he might be removed if he doesn’t comply with his demands. This sudden turn of events has sent shockwaves through the crypto community, leaving traders anxious for any indication of a potential shift in monetary policy.
The crypto market has been stuck in a waiting pattern, as investors anticipate a reason to jump into the fray and drive prices higher. Meanwhile, Trump’s comments have injected an element of uncertainty, making it challenging for traders to make informed decisions. The overall sentiment remains bearish, with most predicting that any potential change could be reversed at the drop of a hat.
Crypto markets have remained relatively flat this week, with the total market capitalization hovering around $2.75 trillion and Bitcoin failing to break above the critical $86,000 level. This inaction has led many investors to hold off on making large investments until further clarity emerges.
Predictions indicate that there is still a low chance of Powell being removed from his position this year, with markets giving him less than 25% probability of departure by the end of the year. The uncertainty surrounding this event has created an atmosphere of caution in the crypto market.
It remains to be seen how Trump’s threat will impact the cryptocurrency landscape in the long run. For now, it appears that investors are on the fence, waiting for any definitive signs that could drive prices higher.
Source: https://cryptopotato.com/trump-threatens-to-fire-fed-chair-as-crypto-traders-wait-for-fomo/
