Trump displayed his signature smile in front of the camera, and with the words 'I have a candidate,' Bitcoin promptly fell below a key support level, while Ethereum plummeted rapidly, causing a bloodbath in the entire cryptocurrency market.

On what seemed like a calm trading day, the tranquility of the global cryptocurrency market was completely shattered. Trump, who is currently campaigning, casually threw out a line during an interview: 'I have already identified a candidate for the chair of the Federal Reserve.'

As soon as the words were spoken, cryptocurrencies led by Bitcoin and Ethereum crashed across the board. The market responded to this political ambush with the most direct plunge—no market can react more violently than cryptocurrencies, which are highly sensitive and rely on US dollar liquidity for survival, especially when the baton of the world's largest central bank might change hands.

Meanwhile, a rumor that 'current Chair Powell may resign at the emergency meeting' has spread wildly in the crypto community, its truth undetermined but enough to amplify panic sentiment exponentially.

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01 Political Black Swan: The Crypto Space at the Forefront

The cryptocurrency market is particularly dependent on macro narratives and global liquidity expectations. The Federal Reserve Chair, as the 'Global Liquidity Commander,' has personnel changes akin to a political black swan.

Trump's remarks, though not naming anyone, were instantly interpreted by the market as signaling two major points: first, Powell's path to reappointment may end; second, the future Federal Reserve may lean more towards politicization, with independence eroded.

What does this mean for cryptocurrencies? When the Federal Reserve maintains independence and policy predictability, the market may fluctuate but be traceable. A Federal Reserve potentially driven by political cycles will make its monetary policy erratic, which poses a fundamental challenge for cryptocurrencies that view the Federal Reserve's interest rate path as a lifeline.

Traders acted swiftly. Bitcoin fell over 3% within an hour after the news broke, Ethereum dropped even more steeply, and the market's fear and greed index plummeted overnight from 'greed' to 'fear.' Crypto insiders exclaimed, 'The chartists are back, this time with political brushes.'

02 Rumors Abound: Speculation in the Crypto Community about 'Powell's Resignation'

At the same time as Trump's interview, an unverified rumor began to spread wildly in the highly active social platforms and communication groups of the crypto community: 'Powell will hold an emergency meeting tonight and announce his resignation.'

Despite no mainstream financial media or official channels confirming it, this rumor has gained self-fulfilling propagation power in the crypto world. The cryptocurrency investor community has low trust in traditional official media and tends to believe information that circulates quickly within the community.

Why is the crypto market so sensitive to such rumors? The root lies in the fact that the policy framework under Powell's leadership has been gradually digested by the market. Especially in the past year, the market has defaulted to the current interest rate environment and priced core narratives like Bitcoin spot ETFs and institutional entry based on that.

Once the helmsman changes, the entire policy logic may be overturned. A Chair appointed by Trump who is more 'obedient' may turn to easing for short-term economic data or electoral needs, triggering unpredictable inflation risks and fluctuations in dollar credit—this, precisely, is at the core of why some investors view Bitcoin as a 'hedging tool.'

03 Potential Candidates: A Blessing or a Curse for Cryptocurrencies?

Market attention quickly zeroed in on Trump's former economic advisor. As a popular potential candidate, his attitude towards cryptocurrencies has become the focus.

Public records show that potential candidates' views on cryptocurrencies are relatively complex. They have criticized the volatility and regulatory void of cryptocurrencies but also acknowledged their innovative potential. More importantly, their monetary policy stance is likely to align with the preference for 'weak dollar promotes growth.'

For the crypto space, a politicized Federal Reserve Chair is a double-edged sword. In the short term, interest rate cuts to stimulate the economy may release liquidity, driving risk assets (including cryptocurrencies) to surge, re-creating a 'bull market.'

But in the long run, the loss of central bank independence will undermine the credibility of the dollar and exacerbate the uncertainty of the global monetary system. This deep-seated trust crisis may prompt more capital to view cryptocurrencies like Bitcoin as 'safe-haven assets,' leading to a fundamental revaluation of value.

However, the path is extremely turbulent. Policy reversals and political interference can lead to dramatic market fluctuations. At that time, the contradiction between 'safe-haven attributes' and 'high-risk assets' will intertwine fiercely in cryptocurrencies.

04 Historical Echoes: The Politicization of Central Banks and the Turbulent Cycle of Asset Prices

History is a mirror. In the 1970s, the Federal Reserve maintained an accommodative stance under political pressure, ultimately leading to vicious inflation and a decade-long turbulence in asset prices. Today, similar risks are subtly emerging.

For the still immature cryptocurrency market, it could either draw growth nutrients from the cracks in the traditional system or capsize in the resulting tumult.

Trump's 'official announcement' is merely a stepping stone, testing the market, especially the tension in the cryptocurrency market. The result is significant—political risk has been priced in.

In the coming months, every speech by Federal Reserve officials and every interest rate decision will be scrutinized repeatedly by crypto analysts using a political microscope. The market will no longer just care about 'whether to raise interest rates,' but will also question 'who is deciding on the interest rate hikes.'

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The crypto world has already voted with a crash for this political suspense drama. The candidate list in Trump's hands hangs over the market like the sword of Damocles. When pressed for details, he still remains mysterious.

Traders are starting to readjust models, incorporating 'political uncertainty premium' into pricing. Regardless of who the final candidate is, a consensus is forming: the macro environment for cryptocurrencies has undergone a qualitative change, accelerating the transformation from a market primarily driven by technology and traditional macro factors to a complex battlefield that also requires deep decoding of Washington politics.

This power game has left the crypto space unable to stand aside. Every whisper of power may provoke a market tsunami. The lines drawn are no longer just technical indicators but every move in the political chess game.