๐ฅ Trump Signals Shake-Up at the Fed โ Powellโs Days Numbered?
After US President Donald #Trump renewed his criticism of Federal Reserve (Fed) Chair Jerome Powell, hinting at his removal, bitcoin market sentiment changed.
After calling Powell "terrible," Trump said he had prospective replacements. "I know within three or four people who I'm going to pick," Trump told NATO summit reporters in The Hague.
Direct and perceived assaults on Powell heighten worries about the central bank's independence. President Trump wants lower interest rates. In testimony before a US Senate hearing on Wednesday, the Fed Chair warned "higher tariffs could push up inflation this summer." The central bank needs more time to assess the situation.
The DXY fell more Thursday, hovering at 97.17. According to the daily data below, the DXY has fallen 11.82% from 110.00 on January 13, before President Trump's inauguration.
As investors process President Trump's assaults on Jerome Powell and the central bank's independence, demand in digital assets, notably spot ETFs, rises as a hedge against uncertainty.
SoSoValue data reveals investors injected $547 million in BTC spot ETFs on Wednesday, 12, straight days of net inflows. Inflow volume is $48.14 billion, with net assets about $134 billion.
Wednesday saw $60 million in fresh investments in Ethereum spot ETFs, continuing their net inflow streak. With net assets reaching $10 billion, ETF products have inflow volume of over $4.1 billion.
Bitcoin is now trading around $107,356, signaling likely stabilization following a stunning comeback from geopolitical tensions' sell-off, which sent the price down to $98,227 on Sunday.
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