Powell Perjury Charge Dem Spark Fed Wahala, Bitcoin Rally
Republican Rep. Anna Paulina Luna don file criminal perjury charges against Federal Reserve Chair Jerome Powell, dey accuse am say e mislead Congress about the $2.5 billion renovation for Eccles Building wey dey Federal Reserve Washington headquarters. Luna talk say Powell deny say dem put luxury finishes like marble floors, private dining room and rooftop terrace wey push the cost pass the first estimate. If dem find Powell guilty, e fit face fines and fit go prison for up to five years. Dis perjury charge dey make political risk for Fed more serious. Former President Trump don call for interest rate cuts many times and don threaten to remove Powell, but some GOP senators dey warn say if dem remove am, e go spoil Federal Reserve independence and shake U.S. markets. Possible people wey fit replace am na Governors Christopher Waller, Kevin Warsh and Trump adviser Scott Bessent. Traders now dey price in more uncertainty about Fed interest rate path. Upcoming U.S. macro data like June CPI, PPI, retail sales and jobless claims go dey monitored well to sabi monetary policy direction. Meanwhile, Bitcoin (BTC) small time shine pass $123,000, show how Bitcoin fit serve as non-sovereign hedge against dollar wahala. Crypto traders suppose keep eye for Justice Department probe, political changes for Fed, and important economic data to manage market wahala and grab trading chances.
Bullish
Di perjury charges wey dem bring against Powell dey make uncertainty about Fed policy and interest rate path increase. The political risk for Federal Reserve don rise and this dey reduce confidence for US dollar, e dey make investors dey run go other assets like Bitcoin. The recent Bitcoin rally wey pass $123,000 na sign say traders dey find way to protect themselves from possible dollar volatility. Short term, Bitcoin fit benefit from this ongoing demand as Fed dey waka and macroeconomic data dey drop. Long term, political pressure wey no go gree tire on rate decisions go make market dey rough, but worries wey still dey about dollar strength and how people trust institution go dey support Bitcoin price floor. So, overall e good for Bitcoin.