Federal Reserve Chair Jerome Powell has recently become the focus of a storm. A criminal investigation by the U.S. Department of Justice was launched into the office building renovation project, prompting him to respond with a rare video statement. Powell explicitly stated that this unprecedented action is not about the project itself, but rather a continuation of government threats and pressure — the real conflict lies in the Fed not setting interest rate policies according to the President's wishes.

Meanwhile, Trump has also been active, announcing his candidate to succeed Powell. This has evolved into a public power struggle. The market has started to worry that the independence of U.S. monetary policy is under serious threat. Once independence is shaken, the consequences could be severe — massive asset sell-offs, soaring borrowing costs, and these could trigger chain reactions in financial markets, subsequently affecting the price performance of cryptocurrencies. As a result, expectations for rate cuts have become even more uncertain.