Catenaa, Tuesday, April 22, 2025-Bitcoin’s price continued to reel Monday after confirmation that US President Donald Trump is exploring whether he can fire Federal Reserve Chair Jerome Powell, raising fears of financial instability and what analysts are calling an “apocalyptic scenario” for global markets.
Trump’s trade war, marked by sweeping tariffs, has already rattled Wall Street and hammered investor confidence.
Bitcoin has tumbled from January highs of nearly $110,000, falling in tandem with broader markets as financial anxiety spreads.
“The president and his team will continue to study that matter,” said Trump’s economic adviser Kevin Hassett, when asked whether the White House believes it can lawfully remove Powell.
Trump has repeatedly attacked the Fed chair in recent weeks, posting on Truth Social that “Powell’s termination cannot come fast enough.”
The White House’s confirmation adds fuel to fears sparked by recent warnings from figures like billionaire Ray Dalio, who says the US is on the edge of a financial crisis that could rival or exceed 2008.
Elizabeth Warren, a Democratic senator, also cautioned that Trump might attempt Powell’s dismissal, ominously declaring “nobody is safe.”
Markets however, view Powell as a stabilizing force.
Removing him could shatter confidence in U.S. monetary policy. Analysts say such a move could shake global equities and crypto markets alike, with some predicting further sell-offs and a rush toward traditional safe havens like gold.
Bitcoin, once seen as digital gold, has failed to rally during this turmoil—diverging from gold, which hit new highs.
