Crypto Markets Rally as Political Turbulence Threatens Fed Chair Powell’s Position

Cryptocurrency traders seized on a single-word confirmation from Rep. Anna Paulina Luna (R-FL) as validation of growing speculation about Federal Reserve Chair Jerome Powell's imminent dismissal. The congresswoman's "Confirmed" reply on X, referencing undisclosed sources about Powell's termination, triggered immediate market reactions—Polymarket's prediction odds for his ouster surged to 26%, a 10-point jump within 24 hours.

The White House has reportedly initiated a formal succession process, with Treasury Secretary Scott Bessent acknowledging a candidate search both within and outside the Fed. President TRUMP amplified pressure by reiterating criticisms of Powell's oversight of the Eccles Building renovations, a $2.5 billion project now serving as legal grounds for dismissal under allegations of inefficiency and neglect of duty.