Jerome Powell’s 8:30 AM speech fuels speculation of a surprise resignation and possible ripple effects on the crypto market.
Today at 8:30 AM EST, Fed Chair Jerome Powell is scheduled to give a much-anticipated speech that has sparked considerable speculation about a potential surprise resignation.
As tensions between Powell and President Trump rise, there is a sense of expectancy.
Will the cryptocurrency market see a bullish trend due to Powell’s possible resignation?
Rumors Of Resignation Swirl Before Fed Chair Powell’s Speech
Jerome Powell, the chair of the Federal Reserve, is reportedly scheduled to make a significant address today.
The focus is on Powell’s impending address because of the circulating resignation rumors.
Interestingly, Federal Housing Finance Agency (FHFA) Director Bill Pulte retweeted an X post that suggested Powell would announce his resignation.
Pulte hinted that Fed Chair Powell’s departure announcement might be imminent, but he said it is unlikely to be included in today’s speech.
Trump, Others Question Powell’s Interest Rate Decisions
It’s interesting to note that Pulte’s prediction and the resignation rumors come after President Donald Trump recently threatened to dismiss Powell.
Despite his harsh criticism of Fed Chair Jerome Powell’s interest rate decisions, Trump has even hinted that he may dismiss Powell.
Trump recently said that firing Powell is improbable, but he did leave the possibility open if there is proof of “fraud.” Trump went on,
I talked about the concept of firing him. I said, ‘what do you think?’ Almost everyone of them said I should, but I’m more conservative.
CoinGape stated that William Pulte disclosed that the Fed Chair is considering stepping down.
He was excited about the development and said it was the “right direction for America.”
Additionally, Congresswoman Anna Paulina Luna has officially asked the Department of Justice to look into Powell’s deceit of Congress and executive branch officials.
Luna said,
I have formally referred Jerome Powell to the DOJ for criminal investigation. Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust.
US Treasury Secretary Scott Bessent states that the process of replacing Powell has already begun.
He took issue with the Fed’s forays into fields other than monetary policy.
Uptrend In Crypto Market Is Coming
The cryptocurrency market is poised for a bullish comeback amid growing speculation over Powell’s possible resignation.
Despite the current bearish pullback in the cryptocurrency market, speculation over Powell’s speech today has generated upward momentum.
With some placing bets on a possible bullish trend for cryptocurrency in the case of a resignation, cryptocurrency aficionados anxiously expect Powell’s remarks.
The $3.91 trillion cryptocurrency market has lost a tiny 0.5% as of this writing.
Over the last hour, leading cryptocurrencies including Bitcoin, Ethereum, and XRP have seen modest increases of 0.14%, 0.61%, and 0.5%, respectively.
Despite recent declines, Bitcoin, Ethereum, and XRP have registered significant gains over the past week, with XRP rising 20.2%, Ethereum increasing 24.2%, and Bitcoin up 1.39%.
The cryptocurrency market is expected to rise if the Fed Chair formally announces his departure during today’s address.
It might recur historical trends, such as the notable jump in Bitcoin prices after Trump’s remarks regarding Powell’s termination
