Rumors are making rounds online that Jerome Powell is scheduled to resign today (June 1, 2025), and interest rate cuts are underway. However, many X users dismissed these claims as unfounded. This is because there is no official evidence to support them.
A massive market crash to follow?
Some experts believe that the Crypto market will see a parabola run if the Fed chair resigns, but such an event is unlikely to happen at the moment. But if that happens, there will be a massive crash in the financial market. This is because a sudden loss of leadership in the Federal Reserve system undermines confidence in both the US dollar and the wider economy.
Powell will resign tomorrow🚨
There are a lot of these nonsense posts on CT today
please tell me
1 day – it won’t happen
Second – if that happens, the market will dump significantly
⚡️Why?
Trust in the dollar and the US economy will immediately diminishPlease remember what happened…pic.twitter.com/1u2wevnfe5
– Lana Queen (@lana_queen7) June 1, 2025
They also pointed to a negative market response when President Trump had just expressed his desire to eliminate Powell.
Polymarket’s Betters has also not purchased rumors of Powell’s resignation. Despite the discussion about X, the odds on the polymate deal were held steady at 12%, “Would Trump remove Jerome Powell in 2025?”
Just recently, Trump summoned Powell to the White House and criticized him for not cutting interest rates. However, Powell stuck to his decision, saying that policy decisions are based on economic data rather than politics. The Fed has been stable at 4.25% to 4.50% in its third straight meeting.
Trump continues to push for rate cuts, but he says he has no plans to fire Powell, pointing out that he can quickly replace him anyway, “it’s a very short period of time.”
Bitcoin shows resilience
The US dollar recently hit its lowest level in three years, with Wall Street trading in red. Currently, Bitcoin usually follows Wall Street sentiment. However, this time I was standing strong. Therefore, as Bitcoin shows incredible strength, investors may be keeping Bitcoin in an era of chaos as a safer bet.
Some analysts point out that Bitcoin does not require QE, and that the adoption and regulation of the scheme can also promote the next bull run. Bitcoin is currently trading at $104,967. The indicators indicate that current gatherings may be approaching the short-term top. It remains a bullish trend, but data from the crypto indicates that the market may be overheated.