Powell Triggers Cryptocurrency Plunge, Is the Bull Market Over?
Within two days, Bitcoin saw a major correction of 10,000 dollars.
Within two days, altcoins experienced significant losses.
Contract players who were scared yesterday are still unsettled; just when they finally fell asleep, they woke up today to find the market collapsed again, with Bitcoin dropping another 5,000 dollars. After struggling to recover above 102,000 dollars yesterday, it directly plummeted to 97,000 today.
300,000 people across the network were liquidated, with amounts exceeding 1 billion dollars.
Leading altcoins like Doge and Sol were also greatly affected, and the situation for other altcoins is even worse.
The reason for yesterday's crash can still be attributed to Powell's statements, but the reason for today's decline remains a mystery to many.
This raises a question: Who is more powerful, Powell or Trump?
On one side is the U.S. President who strongly supports Bitcoin; on the other side is the Federal Reserve Chairman who resolutely avoids Bitcoin.
The market is also concerned that if Powell continues to oppose in the future, it could pose significant obstacles to Trump's cryptocurrency ambitions.
Some ask, can't the President dismiss Powell?
Unfortunately, no, he really can't, because the president does not control the Federal Reserve; strictly speaking, the Federal Reserve is a private institution and operates independently from the U.S. government.
Moreover, Powell has publicly stated that he will not step down.
The two sides are at odds, casting a shadow over the future of cryptocurrency, which may also be a primary reason for the decline over the past two days.
However, from the perspective of the orange seat, it seems that the market is overreacting; we all have a bright future.
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