Trump said he might sue Powell. This morning, Trump said Powell should resign, and I really want to fire him, but his term is ending soon. The new Federal Reserve chair is expected to be announced in January. Finally, he said he is considering suing Powell on the grounds of incompetence. Powell will be stepping down in May, yet Trump still won't let go of him, which is really petty.

Trump's "final push" pressure on Powell is essentially paving the way for the January new chair nomination. The core demand remains to push for a significant rate cut— for the crypto circle, this is both a short-term volatility catalyst and an early warm-up for betting on a "dovish new policy." After all, the new chair is most likely a rate cut supporter handpicked by Trump, and the expectation of loose liquidity will continue to support cryptocurrencies.