The luxurious renovation controversy of the Federal Reserve raises questions: will the cryptocurrency market be affected?
Recently, the renovation of the Federal Reserve headquarters has caused a huge uproar. The project was initially budgeted at $1.5 billion, but the cost has now risen to $2.5 to $2.6 billion, and there are plans to build luxurious facilities such as a rooftop garden and private elevators. After the news broke, the public and politicians began to question the Federal Reserve's extravagance, and Trump used this opportunity to criticize Federal Reserve Chairman Powell, pointing out his lack of transparency.
In response, the Federal Reserve stated that the overspend is due to rising material costs and unforeseen issues, and that the funds come from its own income, without using taxpayer money, but this explanation is unlikely to quell the controversy.
As the core financial regulatory agency, the Federal Reserve should focus on economic control and financial market stability; such extravagant renovation actions are bound to provoke controversy. Currently, the turmoil has impacted the Federal Reserve's reputation, and its independence is also being questioned. The market is speculating whether Trump will take the opportunity to dismiss Powell—although he previously stated that unless there is fraud involved, the possibility of dismissal is low, the subsequent direction remains uncertain.
For the cryptocurrency market, if the turmoil continues to escalate, it may affect the Federal Reserve's decisions, leading to fluctuations in the financial market. The cryptocurrency market cannot remain unaffected, retail investors may become more cautious, and market volatility may increase accordingly.
The bull market horn has sounded. If you need to recover losses or find a way out, find Wumu to help you layout the entire bull market!
