#加密货币市场动态 The independence of the Fed is facing a test. Trump's remarks at a recent rally have caused market turbulence—he stated bluntly that the choice of the Fed chairman should align with the government's economic policy goals. This remark prompts a reevaluation of the process in which Yellen was replaced by Powell and leads traders to ponder: to what extent are Central Bank decisions influenced by political factors?

The current market is digesting three key pieces of information: Fed Governor Mylan has publicly called for a significant rate cut, and San Francisco Fed President Daly also supports action in December; the September core PPI recorded only a 2.6% increase, and retail sales grew by only 0.2% month-on-month, both figures falling short of expectations; the market's expected probability of a rate cut in December has soared to 84.7%. More notably, Powell is trying to find a balance amid internal disagreements, a situation that has been extremely rare in the past thirty years.

The shift in policy expectations is being transmitted to the crypto market. Grayscale has launched the GXRP and GDOG spot ETF products, followed closely by Franklin's XRPZ, which means traditional institutional funds are entering the altcoin space through compliant channels. $ETH , as the second largest crypto asset by market capitalization, typically benefits first under easing expectations; $DOGE has gained extra attention for becoming the first ETF target in the MEME sector; the funding rate of $TNSR has returned to normal levels, and the current price range may have allocation value.

From a technical perspective, ETH has support in the range of $2850-$2950. If it falls below $2805, a reassessment is necessary; a pullback of DOGE to around $0.145 may be an observation window, and the ETF effect in the MEME sector has not yet fully reflected in the price; TNSR is worth paying attention to after the normalization of funding rates, but high-leverage operations still require caution.

Historical experience shows that when monetary policy expectations resonate with political pressure, market volatility tends to intensify. Regardless of how Powell ultimately decides, the discussion about Central Bank independence will profoundly affect asset price trends in the coming months. In this environment, understanding the logic of policy games is more important than merely chasing technical indicators.