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Bitcoin Price Today Reacts to Trump’s Pressure on Fed Chair Powell — What’s Next?
The recent turbulence in the cryptocurrency market has led to a decline in the price of Bitcoin, with it trading at $107K as of today. This significant drop follows last week’s turmoil amid growing political tensions between US President Donald Trump and Federal Reserve Chair Jerome Powell.
President Trump is reportedly putting pressure on Powell to cut interest rates immediately, despite his concerns about high borrowing costs being fueled by a handwritten note he sent blaming Powell for the situation. Notably, Powell has reaffirmed that any rate cuts will be data-driven, rather than influenced by politics.
The cryptocurrency market is closely monitoring this power struggle between Trump and Powell as it directly impacts global financial markets, which in turn affect Bitcoin’s value. In a recent statement, Unity Wallet COO James Toledano emphasized the correlation between Bitcoin’s price movements and macroeconomic shifts: “We’re seeing Bitcoin move in tandem with macroeconomic shifts.”
Despite the short-term volatility, cryptocurrency analysts are still optimistic about the long-term outlook of Bitcoin. With the market already witnessing a stark contrast in Q1 2025 (-11.7% return) and Q2 (+29.9%), Bitcoin bulls are confident that if interest rate clarity arrives soon, we could see the market stabilize or even push higher.
It’s essential to stay informed about any updates on this situation, as it can impact both traditional markets and cryptocurrency.
Source: coinpedia.org
