Today, ETH suddenly plummeted, and many people may not have reacted to what happened. In fact, the trigger for this drop is hidden in a personnel turmoil across the ocean.

Trump threw out a sentence on his private jet: "I have someone in mind for the new chairman of the Federal Reserve, but I can't reveal it now." Just this one sentence made the entire crypto market tense up instantly.

Why the big reaction? The reason is simple - the Federal Reserve controls the spigot of the dollar, and the tightness of interest rates directly determines the amount of money in the market. Assets like ETH are extremely sensitive to liquidity; when there is more dollar, it rises, and when there is less dollar, it falls.

The problem is that the market has become accustomed to Powell's operating style. Now suddenly saying that there will be a change in personnel, everyone is bewildered: will the new person suddenly tighten? Will they aggressively lower interest rates? There is no way to know. This uncertainty itself is the biggest negative factor.

What's worse is that social media platforms have started to spread the rumor that "Powell will hold an emergency meeting on Monday night to announce his resignation." Although this news has no official source and mainstream media has not followed up with a report, it stands out particularly since Trump just said "it's time for a change."

It should be noted that Powell's term was originally set to end in 2026. If he were to leave early, it would mean that the continuity of policy would be disrupted, and what the market fears most is such sudden changes.

The attitude of the popular successor Hassett is also quite subtle. This White House Council of Economic Advisers director is said to share the same thoughts as Trump on the "significant interest rate cut" issue, but when asked about the nomination rumors, he only replied with two words: "rumors."

What kind of response is this? Neither denying nor admitting. If the new chairman really leans towards loose policies, it would certainly be good for cryptocurrencies in the long run. But for now, nothing is certain, and short-term risk aversion will drive funds to withdraw first out of caution.

The crypto market has another characteristic: there are many leveraged players. Once a bearish signal appears and the stop-loss orders of high-leverage positions are triggered, it can lead to a plummet. This is also why ETH fell so sharply.

The current situation is as follows: everyone is waiting for two answers. First, will Trump announce the official candidate before the end of the month? Second, will Powell come out to refute the rumors?

Before these answers are revealed, it is advisable to control your positions. News interference can occur at any time, and blindly buying the dip or chasing shorts is not a wise choice. Once the fog clears, the market will naturally provide direction.