$ETH Markets Rally as Trump Backs Off Firing Fed Chair Powell

In a surprise reversal, former President Donald Trump told reporters Tuesday night he had “no intention” of firing Federal Reserve Chair Jerome Powell—sparking a swift rally across stocks and crypto markets.

The comment came after days of Trump calling Powell a “major loser” and demanding rate cuts, even suggesting his removal was imminent. But with one sentence, the tension lifted, and markets reacted fast.

📈 Futures Jump

Dow futures surged 444 points (+1.1%)

S&P 500 futures rose 1.4%

Nasdaq 100 futures gained 1.6%

The Dow had already ended the day up 1,000+ points, snapping a 4-day losing streak.

💸 Crypto Surges Too

Bitcoin rose 3% overnight to $92,727. Ether, XRP, and Solana also jumped. The dollar rallied 0.9% vs. the yen after hitting a 3-year low just days earlier.

🔊 Behind the Scenes

Treasury Secretary Scott Bessent hinted at an end to the US-China tariff war, and reports emerged of Cantor Fitzgerald, Tether, and SoftBank planning a $3B crypto SPAC.

⚠️ Caution Ahead?

Some traders warned of a short-term pullback, with Bitcoin possibly dipping to $88K. Meanwhile, gold hit a record $3,509.90, as investors continue to hedge against political uncertainty.

🧠 The Big Picture

Trump’s words still move markets—stocks, crypto, gold, and beyond. One comment about Powell, and trillions were added to global value by morning.