Honestly, this news itself is not surprising, but when Trump personally says it, the significance is completely different.

On the surface, this is a personnel game: whether the President will move against the Federal Reserve Chair, whether legally he can do so, and whether the timing is right. But what really tightens the market nerves is not Powell himself, but the question of **"Does the Fed still listen to the market?"**

You'll notice a subtle change. In recent years, the market has defaulted: no matter how the White House signals, the Fed will turn a deaf ear, sticking to its own rhythm. Now, Trump is even bringing up words like "prosecution" and "dismissal," essentially testing the boundaries — not actually acting now, but telling you: this red line, I could cross at any time.

For the crypto market, this is more important than whether interest rates are cut or not. Because once the independence of the Fed is publicly challenged, the US dollar's credibility is no longer just a macro issue but a political variable. You may not believe in Bitcoin's narrative, but it's hard to ignore: when monetary rules are repeatedly discussed, non-sovereign assets will be re-priced.

Of course, don't get too excited yet. This kind of uncertainty, in the short term, is more like a noise generator than an engine for market movement. The more intense the policy game, the easier the market is to be pulled back and forth, with sentiment leading and direction lagging.

What truly matters is not "whether the chair will be replaced," but that the market is starting to seriously consider: what will happen if it actually happens? When this question is repeatedly discussed, it already indicates that the old stable expectations are loosening.

In the next month, there may be no clear answer. But one thing is certain — this game of monetary policy is no longer just an internal matter for the central bank.