Trump Likely To Fire Jerome Powell Soon, BTC Price Reacts

In a massive development, US President Donald Trump reportedly plans to fire Fed Chair Jerome Powell soon. The BTC price quickly jumped in response to this news, as it could pave the way for an imminent Fed rate cut.

BTC Price Jumps As Trump Could Show Powell The Door Soon

TradingView data shows that the flagship crypto spiked to as high as $19,000. This came following a Bloomberg report that Trump is likely to fire Powell soon, according to a White House official.

The BTC price surged from a low of around $18,400 to $19,000 and is now holding above the psychological $119,000 level as it looks to reclaim the $120,000 level. The report about Powell’s is bullish for crypto prices as the president could appoint someone who would cut rates, a move which would inject more liquidity into the crypto market.

Trump has been pushing for a Fed rate cut for a while now and recently urged the US Central Bank to make a 300-basis-point interest rate cut. According to the Bloomberg report, the president also discussed his plans with congressional Republicans, who voiced support for this move.

Interestingly, this development comes just a day after US Treasury Secretary Scott Bessent said that the process to pick Powell’s successor has begun. Polymarket data shows that White House Adviser Kevin Hassett is currently leading the race to replace Powell.

Hassett has already stated that the Fed has plenty of room to cut rates and could move to cut rates if he becomes the next Fed Chair.  As such, the BTC price looks to already be pricing in the possibility of this happening.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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