For the first time in 40 years, the swearing-in ceremony of the Fed Chair took place right at the White House, presided over by President Trump himself. Kevin Warsh has officially taken office.
At the ceremony, Warsh spoke quite cautiously, emphasizing that the Fed will operate independently but didnโt reveal any info about the upcoming interest rate policy.
Impact on Bitcoin:
๐ธAs soon as the Senate confirmed Kevin Warsh, BTC took a nosedive of ~7,000 USD, dropping nearly 10% in a short span.
๐ธHistory shows: Every time there's a new Fed chair, Bitcoin often experiences a significant correction. This time seems no exception.
Quick analysis:
๐ธNo matter who sits in the Fed chair, the general trend usually creates a downtrend to funnel money back into traditional banking systems, avoiding risks for the USD.
๐ธRight now, the crypto market is under clear pressure from this macro political event.
What do you guys think?
Will BTC continue to tank further after the Fed event or is this just a temporary pullback before the next pump?
Drop your prediction in the comments below!
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