He Causes 20% $BTC dump with in 20 second.
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Meet Jerome Powell: The Man Behind the Market Moves
Jerome Powell is one of the most powerful figures in the financial world. As the head of the U.S. Federal Reserve, his decisions can send Bitcoin ($BTC) and the entire market soaring or crashing in seconds.
For instance, Powell's speeches have been known to cause Bitcoin’s price to drop or jump by 20% almost instantly. Some even say he could shape the future of crypto—whether the U.S. adopts Bitcoin as a reserve asset or cracks down on it entirely.
So, who is Jerome Powell? How does he influence the market? And could he lose his position anytime soon? Let’s break it all down.
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Powell’s Journey to Power
Jerome Powell was appointed as Fed Chair by Donald Trump in 2018. With a solid background in both finance and government, he was seen as a great choice at the time.
Interestingly, Trump wasn’t a crypto supporter during his presidency, and Powell followed suit, maintaining a cautious stance on digital currencies.
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Powell’s Take on Crypto
Since becoming Fed Chair, Powell has always been skeptical about cryptocurrencies. While he acknowledges blockchain technology as innovative, he often emphasizes the risks and volatility of the crypto market.
After the collapse of FTX, his warnings became even louder. He stressed the need for strict regulations to protect investors and the financial system. Although Powell doesn’t express outright dislike for crypto, his speeches often cause prices to drop.
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Why Do Markets React to Powell?
Let’s look at some examples:
November 7 FOMC Meeting: The Federal Reserve lowered interest rates by 25 basis points (bps). This was seen as good news, and the market responded positively.
The Latest Meeting: Powell dropped a bombshell, stating that the Federal Reserve isn’t allowed to hold Bitcoin and has no plans to expand its reserves. This caused the market to plunge by 7% in a single day.
Such comments from Powell create uncertainty, making investors nervous, which leads to market volatility.
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What’s Next for Powell and Crypto?
Looking ahead to 2025, the Fed plans to reduce interest rate cuts, which could make 2024 a volatile year for the markets. However, Powell is optimistic, predicting better economic conditions in the future.
The big question is: Will Powell stay in his position?
It’s unlikely he’ll be fired. While the President can technically remove a Fed Chair “for cause,” it’s a rare move meant to preserve the Fed’s independence. Even Trump, despite past criticism of Powell, recently said he won’t remove him before his term ends in 2026.
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Final Thoughts
Jerome Powell holds immense influence over the financial markets, including crypto. While his cautious stance creates waves, his role in shaping regulations will be crucial for the future of digital currencies.
Whether you love or hate his impact, one thing’s for sure: when Powell speaks, the market listens.
