Trump attacks Powell, stock markets fall, but Bitcoin (BTC) soars!

Updated

April 23, 2025

Gambar Trump attacks Powell, stock markets fall, but Bitcoin (BTC) soars!

Jakarta, Pintu News – On April 21, President Donald Trump escalated his attacks on Federal Reserve Chairman Jerome Powell by calling him a “big loser”. Through a post on Truth Social, Trump warned about a potential slowdown in the United States economy if Powell does not lower interest rates soon.

Trump argued that with prices falling, inflation seems unlikely, but a recession could occur if the Federal Reserve does not change its policy. Trump stated, “With this downward cost trend, as I predicted, inflation is unlikely, but there could be an economic slowdown if Mr. Too Late, who is a big loser, doesn’t lower interest rates soon.”

Impact on US Stocks and Crypto

Following Trump’s comments, stock markets in the United States took a dive. The S&P 500 fell by 2.4%, the Nasdaq slipped by 2.5%, and the Dow Jones lost almost 1,000 points, or 2.5%. This marks a significant drop, with the S&P 500 now down more than 12% since the start of the year and the Nasdaq losing almost 18% amid the withdrawal from technology stocks.

Despite this, the cryptocurrency market remains resilient, with total market capitalization remaining at $2.83 trillion. Bitcoin played a key role in supporting the market, reaching a four-week high of $88,500 on April 22. Although the global crypto market capitalization fell slightly to $2.75 trillion, Bitcoin (BTC) continues to show strength, trading at $88,175 after a 0.75% gain in the last 24 hours.

Also Read: 7 Ways to Save Dollars (USD) for Maximum and Effective Use

Trump may fire Powell

Trump’s latest attack on Jerome Powell, whom he appointed during his first term, has fueled speculation about the President’s legal ability to remove the Federal Reserve Chairman before his term ends in May 2026. Powell has firmly stated that the president cannot fire him under applicable law.

If Trump tries to do so, there could be massive selling in the US stock market, according to Krishna Guha, Vice Chairman of Evercore ISI. Guha mentioned, “If you start questioning the independence of the Federal Reserve, you raise the barriers for the Federal Reserve to cut. If you actually try to remove the chairman of the Federal Reserve, I think you will see a backlash in the market with higher yields, a lower dollar, and equities selling off.”

Conclusion

Although Powell has rejected calls from Trump to lower interest rates, many experts believe that the Fed will still implement several rate cuts this year. Citigroup, for example, forecasts a rate cut in June and expects a total cut of 125 basis points by the end of 2025. This situation demonstrates the complex dynamics between monetary policy and political pressure, which can have a significant impact on global markets.

Also Read: 7 Ways to Get Passive Income from Crypto 2025, Simple!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.