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If Trump fires The Federal Reserve (FED) Chairman Powell, it may determine whether Bitcoin is truly depegged from the Nasdaq.
Golden Finance reports that recently, U.S. President Trump has publicly criticized Federal Reserve Chairman Powell multiple times and hinted at possibly firing him, attracting widespread attention from the market. Analysts point out that if Trump were to fire Powell, it could severely undermine the independence of the Federal Reserve, leading to a loss of confidence in U.S. monetary policy and even triggering an economic recession. In this context, cryptocurrencies may gain more attention due to their decentralized nature, especially Bitcoin, which may be seen as a tool to hedge against the risks of the traditional financial system. Historically, Bitcoin's price has closely followed the Nasdaq index (despite the multiplier effect); while the U.S. stock market has recently remained sluggish, Bitcoin has risen against the trend, leading the market to speculate that Bitcoin is "decoupling" from the Nasdaq, although it cannot be definitively asserted whether this will indeed happen. However, if Trump really fires Powell, the market may ultimately determine the decoupling effect.