Today, Wednesday, April 23, 2025, the cryptocurrency market shows a strong bullish momentum, with Bitcoin leading the gains.
Trump seemed to retract his harsh criticism of Powell on Tuesday, saying that he "has no intention" of firing the Fed leader.
As the Easter weekend approached, markets feared that Trump might be preparing to oust Powell for not moving fast enough to cut interest rates. Suggestions from a senior White House advisor that officials were considering whether to fire Powell also unsettled already nervous investors.
But Trump seemed to calm these fears, adding that he would just like Powell to "be a little more active in terms of his idea of cutting interest rates."
The de-escalation received quick approval from Wall Street, with several stocks from the "Fabulous Seven" — including Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), and Apple (NASDAQ:AAPL) — rising after the close.