#GT# #BTC# #XRP# #ETH# #DOGE#

The price of Bitcoin rises by 6% surpassing $94,000 after Trump retracts plans to dismiss Powell (Powell)
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The value of Bitcoin (Bitcoin-BTC) has risen by 6% exceeding $94,000 today Wednesday after President Donald Trump backed down from his threats to dismiss Federal Reserve Chairman Jerome Powell (Jerome Powell), hinting at the possibility of easing tariffs on Chinese imports. Trump stated during his address from the Oval Office yesterday Tuesday that he "does not intend to dismiss" Powell, indicating the possibility of reducing the hefty tariffs his administration imposed on China, saying they "will be significantly reduced... but will not reach zero."
The rise of Bitcoin came after Trump backed down from a confrontation with the Federal Reserve.
These statements marked a sharp turn in Trump’s tone compared to his earlier remarks this week when he described Powell as a "big failure" and hinted at his dismissal. President Trump has repeatedly criticized the Federal Reserve for not lowering interest rates quickly enough, even though he was the one who nominated Powell to head the central bank in 2017.
The markets quickly responded to these statements, with the price of Bitcoin rising above $94,000, exceeding its weekly gains of 11%. Additionally, the prices of U.S. stock futures rose, following gains in the futures of the Dow Jones, S&P 500, and Nasdaq in after-hours trading.
It is noted that cryptocurrencies - such as BTC - tend to surge during periods of notable political uncertainty or declining trust in traditional financial systems, and Trump's recent attacks on the Federal Reserve and the presence of signs of political intervention are likely to have fueled demand for decentralized assets that are not under the control of the central bank.
Trump backed down from his threat to oust Powell following market tensions.
Trump's comments followed reports that National Economic Council Director Kevin Hassett (Kevin Hassett) had raised legal questions about the possibility of the president's impeachment of Powell, raising concerns among markets and economists about undermining the Fed's independence.
The Federal Reserve maintained a cautious stance on cutting interest rates further and noted that inflation remains above its 2% target. On the other hand, Powell warned last week that the White House's escalation of tariffs could exacerbate the rise in prices, and Trump responded by criticizing Powell's position and escalating threats of impeachment, but he retracted his remarks on Tuesday, telling reporters: "The press exaggerates things, but I do not intend to fire him."