In the current moment when the cryptocurrency market is constantly paying attention to the trends of traditional finance, a significant piece of news from the Federal Reserve has shocked the world! On August 20, local time, U.S. President Trump posted on his social platform 'Truth Social,' demanding that Federal Reserve governor Lisa Cook must resign immediately. This incident instantly stirred up a storm in the financial market, and the cryptocurrency market was inevitably affected.
The origin of this matter is that the director of the Federal Housing Finance Agency, Pulte (a person from Trump’s camp), disclosed on social media that Cook allegedly committed mortgage fraud by applying for loans on two houses as 'primary residences' simultaneously in 2021. The name Pulte is not unfamiliar to the market. In July of this year, he called for Congress to investigate Powell, accusing the Federal Reserve of misleading Congress on a headquarters renovation project, and now he has set his sights on Cook, which is certainly not a coincidence. Trump followed up, strongly demanding on social media that Cook 'must resign immediately,' to which Cook firmly responded, 'I am undoubtedly being forced to resign,' indicating a high level of tension between the two sides.
From a legal standpoint, the president cannot arbitrarily dismiss a Federal Reserve governor unless there is proof of 'misconduct or serious wrongdoing.' If the so-called 'violations' occurred before Cook took office, whether this can serve as a valid reason is questionable. Many legal experts believe Trump’s rationale is tenuous, especially since the Supreme Court emphasized this year that the Federal Reserve is a 'special semi-independent institution' with limited presidential power. However, another Federal Reserve governor, Quigley, recently resigned unexpectedly, and now Cook is facing this turmoil, which hints at intriguing political maneuvering behind the scenes.
The impact of this event on the market was immediate. Following the news, the dollar plummeted, gold surged by as much as $30, and the U.S. stock market quickly recovered most of its opening losses, creating a scene akin to the market speculating about interest rate cuts. For the cryptocurrency sector, fluctuations in the dollar have always been significant influencing factors. The 'risk premium' of the dollar implies a weakening of currency credibility, which may prompt more funds to seek new safe-haven assets, with cryptocurrencies potentially becoming a choice for some of that capital.
Superficially, Trump may hope to gain a governor position through this, inserting his people into the Federal Reserve. However, the deeper impact is that this event may cause other Federal Reserve officials to hesitate to express 'hawkish rhetoric.' If even Federal Reserve governors can be targeted by political forces, officials will inevitably speak more cautiously, and the space for hawkish remarks will be compressed, leading the market to 'automatically lean dovish.' This impact is more long-lasting than a one-time interest rate cut or hike announcement, and it will bring sustained uncertainty to the cryptocurrency sector.
It is noteworthy that the timing of this disclosure coincided with just two days before Powell's Jackson Hole speech, as if Trump were already aware of the content of Powell's remarks. The political intent behind this is intertwined with the financial market, and cryptocurrency investors need to closely monitor subsequent developments, as this incident could very well become a crucial turning point in reshaping the financial market landscape, thereby profoundly affecting the trend of the cryptocurrency market.
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