Jerome Powell Refuses Demands to Step Down, Upholds Federal Reserve's Autonomy
In the realm of economics, the ongoing saga between Jerome Powell, Chair of the U.S. Federal Reserve, and President Trump continues as Powell refuses to resign despite pressure from the White House. Despite the political turbulence, Powell's term as Chair doesn't expire until May 2026, a timeframe that echoes the lengthy tenure of Arthur Burns, the Federal Reserve chairman during the Nixon administration. Burns too faced political pressure, maintaining a level of independence but succumbing to Nixon's wishes to keep interest rates low ahead of the 1972 re-election.
Meanwhile, in the world of cryptocurrencies, the European Union has included digital currencies in its sanctions against Russia. Elsewhere, Bitcoin continues to dominate the market with a market dominance of 61.01%. Coinbase, a leading cryptocurrency exchange, has launched on-chain USDC lending, offering high yields, and has enabled support for AWE on the Base Network.
On the regulatory front, the Trump administration has exempted critical metals from tariffs amid trade adjustments. Despite speculation, there have been no immediate changes to Federal Reserve policies, with no official confirmation on the potential Gemini IPO.
In the stock market, the Trump Family's American Bitcoin has listed on Nasdaq, and a Hong Kong firm is planning to raise HKD 500 million for crypto expansion. The cryptocurrency markets, however, have shown no direct impact from the ongoing political narrative, with major cryptocurrency ecosystems continuing to operate without notable disruptions.
Bitcoin's price has seen a 2.84% decrease over the past 24 hours but has significantly increased by 22.62% over the past 90 days, currently standing at $115,750.42 with a market cap of $2.30 trillion.
As for the writing scene, Mayowa Adebajo, a seasoned freelance writer, continues to create compelling, high-converting content across diverse industries. In the crypto sphere, Firefly is preparing for a token launch following its independence from Mask Network.
Stay tuned for more updates as these developments continue to unfold.
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