#PowellRemarks Bitcoin, Crypto Market Hold Strong as Trump & Powell Clash Over Rates

Trump urges rate cuts, Powell hits pause

Donald Trump took to Truth Social to call out Fed Chair Jerome Powell, urging the Federal Reserve to cut interest rates now and accusing Powell of "playing politics" ⚖️. Trump claimed Powell is "always late" and needs to "change his image" 🎭.

Just moments before Powell’s speech at the Society for Advancing Business Editing and Writing Conference in Virginia 🎙️, the Fed Chair responded, saying the central bank would wait and see based on economic indicators 📊 before making policy moves.

Markets dip, Bitcoin stands tall

The Fed’s cautious tone rattled financial markets, with the S&P 500 falling 5.9% and the Nasdaq 100 down 6% 📉. Precious metals took a hit too: gold dropped 2.6% and silver nearly 8% 🪙❌.

But Bitcoin didn’t flinch. The world’s top cryptocurrency briefly surged past $84,000 🚀 and stayed stable, even as the broader market lost $1.5 trillion in value. XRP and Solana followed suit, rising 3% and 5% respectively ⬆️.

Bitcoin: Digital gold in global turbulence?

This stability amid chaos reignited the “Bitcoin as a safe haven” narrative 🛡️. As traditional assets dipped, crypto held strong — a trend last seen during the 2020 COVID-19 market crash 🦠. Back then, BTC started around $7,161, plunged below $4,900 in March, but then rallied in the months to come.

With rising geopolitical tensions and central bank indecision, Bitcoin might just become the go-to asset in the next global trade war ⚔️.