#PowellRemarks Crypto Stays Strong as Trump Pressures Powell Over Interest Rates

Despite a major downturn in traditional markets, Bitcoin and other cryptocurrencies remained firm on Friday. Bitcoin briefly crossed the $84,000 mark, showing resilience even as U.S. stock markets lost over $1.5 trillion in value.

The tension came after former President Donald Trump publicly criticized Federal Reserve Chair Jerome Powell. Trump, posting on Truth Social, urged the Fed to cut interest rates immediately and accused Powell of being “always late” and “playing politics.” His comments came just before Powell’s scheduled speech at the SABEW conference in Virginia.

During his speech, Powell maintained a cautious stance, stating the Fed would monitor economic indicators and take its time before making any policy changes. He stressed that the central bank wouldn’t rush into rate cuts without a clearer view of the economy.

The markets reacted negatively to the Fed's position. The S&P 500 and Nasdaq 100 both fell by nearly 6%, while precious metals also took a hit—gold dropped 2.6% and silver nearly 8%.

However, Bitcoin held steady, showing a 1.33% gain for the day. Altcoins like XRP and Solana also rose by 5.95% and 4.59%, respectively. This performance has reignited discussions around Bitcoin as a potential “safe haven” asset, especially when traditional investments are faltering.

This isn’t the first time Bitcoin has shown this kind of behavior. Back in 2020 during the early COVID-19 market crash, Bitcoin dipped with other markets but recovered quickly and began its long rally, gaining a reputation for being resilient in times of crisis.

As uncertainty around interest rates and global trade continues, the crypto market's ability to stay afloat may attract more investors looking for stability outside traditional finance.

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Disclaimer: Not financial advice. Information may include third-party views.