U.today
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XRP and BTC Prices Spike Amid Rumors of Powell's Resignation
Earlier this Tuesday, the prices of Bitcoin (BTC), XRP, and other major tokens surged higher after rumors of Federal Reserve Chair Jerome Powell's resignation started spreading like wildfire on the X social media network.
Several right-wing influencers and some cryptocurrency accounts began sharing a resignation letter that was allegedly written by Powell.
However, there is no official statement regarding Powell's resignation, and the aforementioned letter is obviously not authentic.
Apart from nonsensical text, its seal, which was likely generated with the help of artificial intelligence (AI), features some gibberish text instead of clearly legible titles. There are also some glaring design inconsistencies that clearly show that the letter is not authentic.
Fake news. https://t.co/02xmtMJ6kr
— Markets & Mayhem (@Mayhem4Markets) July 22, 2025
However, the low-effort letter was still seemingly able to push crypto prices higher, with Bitcoin now approaching the $120,000 level.
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There is an ongoing right-wing pressure campaign aimed at Powell due to the Fed's interest rates. During her recent appearance on Fox Business, pro-Bitcoin Wyoming Senator Cynthia Lummis urged Powell to resign.
FHFA director Bill Pulte, who has been aggressively targeting Powell, believes that Powell will be resigning "soon," but he has clarified that today is not the day.
I believe Powell will be resigning soon, but today is not the day.
— Pulte (@pulte) July 22, 2025
At the same time, some argue that ousting Powell before the end of his term will likely undermine the Fed's independence. As reported by U.Today, cryptocurrency mogul Mike Novogratz described this as "Banana Republic moves" while also urging investors to buy Bitcoin. Some believe that Powell's sudden outsintg could potentially boost crypto.
Several right-wing influencers and some cryptocurrency accounts began sharing a resignation letter that was allegedly written by Powell.
However, there is no official statement regarding Powell's resignation, and the aforementioned letter is obviously not authentic.
Apart from nonsensical text, its seal, which was likely generated with the help of artificial intelligence (AI), features some gibberish text instead of clearly legible titles. There are also some glaring design inconsistencies that clearly show that the letter is not authentic.
Fake news. https://t.co/02xmtMJ6kr
— Markets & Mayhem (@Mayhem4Markets) July 22, 2025
However, the low-effort letter was still seemingly able to push crypto prices higher, with Bitcoin now approaching the $120,000 level.
card
There is an ongoing right-wing pressure campaign aimed at Powell due to the Fed's interest rates. During her recent appearance on Fox Business, pro-Bitcoin Wyoming Senator Cynthia Lummis urged Powell to resign.
FHFA director Bill Pulte, who has been aggressively targeting Powell, believes that Powell will be resigning "soon," but he has clarified that today is not the day.
I believe Powell will be resigning soon, but today is not the day.
— Pulte (@pulte) July 22, 2025
At the same time, some argue that ousting Powell before the end of his term will likely undermine the Fed's independence. As reported by U.Today, cryptocurrency mogul Mike Novogratz described this as "Banana Republic moves" while also urging investors to buy Bitcoin. Some believe that Powell's sudden outsintg could potentially boost crypto.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
XRP
3.1203
+0.34%