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US financial markets plunged Monday while cryptocurrency prices remained firm, as US President Donald Trump ramped up his public feud with Federal Reserve Chairman Jerome Powell, The Guardian and other news outlets reported Tuesday.
The clash between the country’s highest political and monetary leaders shook traditional markets to their core but left crypto surprisingly unscathed.
Stock Markets Plummet After Presidential Remarks
American stock indices closed forcefully lower on April 21, with broad losses at major benchmarks. The S&P 500 declined 2.3%, the tech-dominated Nasdaq lost 2.4%, and the Dow Jones Industrial Average plummeted by almost 1,000 points, down 2.4%, based on Google Finance data.
JUST NOW: President Trump calls Jerome Powell a “major loser” and demands interest rates lowered “now” pic.twitter.com/rAM7CVmPw2
— Morning Brew ☕️ (@MorningBrew) April 21, 2025
Trump Calls For Rate Cuts And Slams Fed Chair
Underlying the market volatility is a rapidly intensifying clash between President Trump and Federal Reserve Chairman Powell. Trump used his April 21 Truth Social forum to post that “Preemptive Cuts in Interest Rates are being called for by many.”
The President contended rate cuts are warranted because “Energy Costs [are] way down, food prices [are] substantially lower, and most other ‘things’ [are] trending down,” asserting “there is virtually No Inflation.”
Trump has repeatedly criticized Powell, calling him “Too late and wrong” for not cutting interest rates, which remain at 4.5%.
Tensions rose after Powell warned that Trump’s tariffs could cause stagflation, prompting the president to demand his removal, saying his “termination cannot come fast enough.”
Dollar Weakens While Crypto Shows Strength
As the political conflict rages on, the US Dollar Index (DXY), which tracks the greenback relative to other significant currencies, dipped below 98 on April 21, recording a three-year low.
This follows a falling trend that has had the dollar drop over 10% of its value since the start of 2025, latest data shows.
Bitcoin Unfazed Amid Political Turmoil
In stark contrast to traditional markets, cryptocurrencies have maintained their weekend gains. The total cryptocurrency market capitalization, based on TradingView data, remained steady at $2.74 trillion.
Bitcoin price, according to data from Coingecko, hit a four-week high of $88,428.
Why is the price of bitcoin flat? Should Trump fire Jerome Powell? Will The US lose reserve currency status?
I answer your questions 👇 pic.twitter.com/S7Q6hANR3H
— Anthony Pompliano 🌪 (@APompliano) April 18, 2025
Industry Figures Warn Vs. Political Interference
Cryptocurrency businessperson Anthony Pompliano warned against presidential intervention in the Federal Reserve leadership.
In a video he uploaded on X on April 18, Pompliano declared that he does not believe that Trump should come in and unilaterally fire the Fed chair.
He further stated that policy disagreement firings would lead the nation into perilous waters: “Where you have a disagreement and then the firing, I think that’s not really the area that we want to go into.”
Market experts believe the central bank will hold steady at its next meeting on May 7. According to data, interest rate markets now forecast only a 13% probability of a rate reduction at that session.
Featured image from Chip Somodevilla/Getty Images. chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
