Bitcoin and Gold React to Growing Conflict Between Trump and Powell

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Gold and silver already charted fresh all-time highs, will BTC follow suit?

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Summarize with AI

Local and geopolitical tension continued to rise over the weekend, with US President Trump making threatening comments against a few nations, including Iran and Cuba. Oh, he also posted a picture of himself as the President of Venezuela, but we will not focus on that here.

Instead, this article will be dedicated mostly to the Trump-Powell front, which has seen a new development in the past 48 hours.

The POTUS has gone after the Fed Chair ever since he won the 2024 presidential elections, even though he was the one who nominated him for the position. However, Trump believes the interest rates should be significantly lower, and has made multiple offensive remarks in the past year or so.

He has also made numerous threats about potentially firing Powell, although it’s not exactly legal. The most recent development on this front unfolded over the weekend when the Fed Chair announced that the US Justice Department served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee last year about renovations to Fed buildings.

As The Kobeissi Letter said, this is the first time Powell has fought back since Trump’s attacks began, and he believes this is a coordinated action, given the fact that the Fed Chair is expected to pause the rate cuts in the following FOMC meeting in two weeks.

The analysts warned that more volatility is expected as this clash will likely continue to worsen. For now, gold and silver charted fresh highs, while BTC jumped to $92,400, where it was stopped and is now sitting inches above $91,000.