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The price of Bitcoin has risen above 85 thousand dollars after Donald Trump increased pressure on the Fed.
Bitcoin's price remains above 85 thousand dollars as Trump intensifies pressure on Fed Chair Powell
The price of Bitcoin on Thursday hovered around $85,000, despite "bearish" sentiment in global financial markets related to the trade war between the USA and China. While stock markets plummeted, the flagship cryptocurrency remained resilient after the escalation of political disagreements between the White House and the Federal Reserve.
President Donald Trump intensified his criticism of Federal Reserve Chairman Jerome Powell, suggesting that he could be fired after Powell confirmed the legal independence of the Fed during a speech at the Economic Club of Chicago. Powell emphasized that the autonomy of the central bank is protected by law, stating: "We cannot be fired without just cause."
These remarks followed a series of posts on Trump's Truth Social account, in which he called Powell's policy a "complete mess" and accused the Fed of missing timely opportunities to lower interest rates, despite the decline in inflation and commodity prices.
Trump pointed to the expected seventh rate cut by the European Central Bank as a reason for immediate actions by the Fed.
He stated that inflation is under control and called for a decrease in interest rates to support economic growth.
It is reported that Treasury Secretary Scott Bessin is preparing to begin interviews with candidates who could potentially replace Powell at the end of this year, which further exacerbates uncertainty regarding the Fed's policy.
block-chain24.com