Powell's Statements Move Bitcoin and Trump Criticizes Powell
Jerome Powell, the Chairman of the Federal Reserve, gave a speech on "the Flexibility of Monetary Policy" and his indications about employment risks prompted the markets to react immediately. About $300 million flowed into Bitcoin futures on Binance, raising the open interest to $13.3 billion. Expectations are now centered on a possible rate cut in September.
In a dramatic scene, former U.S. President Donald Trump attacked Powell, accusing him of delaying the rate cut. Concurrently, his family company World Liberty Financial added about $5 million of ETH to its portfolio, a move some interpreted as a dual political-financial bet.
Trish Turner, head of the crypto unit at the IRS, tendered her resignation amid escalating controversy over legislation. The resignation came after a series of withdrawals within the SEC and political scandals linked to crypto, including a scandal that shook the Czech government.