Many people say that the recent drop tonight is due to a congressman suing Powell, but this actually happened over the weekend; it just wasn't brought out to "ferment".
Currently, it's just a fermentation period, and once Powell is involved, if the market believes there is a possibility of Powell temporarily stepping down, the market can validate that.
A simple logic: moving Powell = shaking the credibility of the dollar = gold/ #Bitcoin rising against dollar assets.
So, currently, gold is stable, while BTC is actually dropping. The market is down because of Powell, and I think the logic is flawed.
Moreover, the current drop is clearly just an accelerated correction. After BTC touched around 123,000 last week, I mentioned that the main trend for BTC next week might be a daily level range correction.
Currently, it has only increased the intensity of the correction; we are not yet at the stage of panic and worry.
My principle is: no FOMO when rising, no panic when falling.
This news has not yet been reported by relatively official media, and it seems to have little impact on the market.
However, once this news starts to gain traction over the weekend or next Monday, I don't think there's any need to panic.
This action is clearly Trump not daring to confront Powell directly, instead opting for a "roundabout way" to attack Powell through Congress. However, the investigation into Powell, from gathering evidence to final approval, will take a considerable amount of time.
Putting aside whether Powell has violated the U.S. Constitution, even if there are "blemishes," it would be difficult to shake Powell's position in the short term.
Unless Powell truly has certain "blemishes," the pressure from this direction is meant to force Powell to compromise.
In plain terms, it means "if you don't cooperate with my interest rate cuts, I'll gather evidence to discredit you."
However, I believe that one must be strong to forge iron; given Powell's temperament, he shouldn't have any significant or major blemishes.
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