Bitcoin prices remain steady despite President Trump’s criticism of Federal Reserve Chair Jerome Powell, leaving investors wondering if the market will react to growing economic uncertainty.
The crypto markets were relatively quiet on Good Friday, with the CoinDesk 20 Index gaining less than 0.1% in the past 24 hours, while bitcoin (BTC) was up just 0.1%. The muted response to President Donald Trump‘s call for the removal of Federal Reserve Chair ‘Jerome Powell’ has left crypto investors wondering if the market will react to the increasing uncertainty.
Market Reaction to Trump’s Fed Outburst
BNB Chain, formerly known as Binance Smart Chain (BSC), is a blockchain network developed by Binance.
It allows for the creation and execution of smart contracts, enabling decentralized applications (dApps) to be built on top of it.
The network supports various programming languages, including Solidity, Vyper, and Rust.
BNB Chain has gained popularity due to its high transaction throughput, low fees, and compatibility with Ethereum-based projects.
Trump’s criticism of Powell, who is seen as a key player in shaping monetary policy, has raised concerns about the economy and inflation. The President’s comments have added to the existing uncertainty surrounding interest rates and the future of the US economy. However, the market appears to be taking a wait-and-see approach, with bitcoin continuing to trade at around $84,550.
Jerome Powell is an American economist and attorney serving as the 16th Chairman of the Federal Reserve since 2018.
Prior to his appointment, he served as a member of the Federal Reserve Board from 2012 to 2014.
Powell was nominated by President Donald Trump and confirmed by the Senate in 2017.
He holds a Bachelor's degree from Princeton University and a Juris Doctor from Georgetown University Law Center.
Regulatory Outlook Remains Positive
Despite the economic uncertainty, regulatory outlook has been improving under the Trump administration. Institutions have shown more comfort with the crypto space, and the dYdX Foundation CEO Charles d’Haussy believes it is probably sound to ‘let the dust settle’ as tariff implementations and bilateral negotiations unfold.
Market Movements
In other markets, the Nikkei 225 closed up 1.03% at 34,730, while the Hang Seng closed up 1.61% at 21,395. Gold is down 0.54% at $3308.8/oz, and silver is down 1.55% at $32.42/oz.
Token Launches
Several token launches are scheduled for this week, including PumpSwap, which has seen a surge in trading volumes since its launch in March. The platform’s daily transaction volumes now top 40,000, roughly double the figures seen before PumpSwap’s launch.
What to Watch
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April 18: ‘Pepecoin (PEP) undergoes its second halving’
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April 20: BNB Chain (BNB) — opBNB mainnet hardfork
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April 21: Coinbase Derivatives will list XRP futures pending approval by the U.S. Commodity Futures Trading Commission (CFTC)
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April 25: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on ‘Key Considerations for Crypto Custody’
Crypto Equities
The crypto equities sector has seen some mixed signals, with MARA Holdings (MARA) up 2.76% at $12.66, while Galaxy Digital Holdings (GLXY) closed down 1.41% at C$15.36.
ETF Flows
Spot BTC ETFs have seen a daily net flow of $106.9 million, with cumulative net flows reaching $35.5 billion.
A Bitcoin ETF is a financial instrument that tracks the price of 'Bitcoin'.
It allows investors to gain exposure to 'Bitcoin' without directly holding it.
These funds are traded on traditional stock exchanges, providing liquidity and flexibility.
In 2021, the first BTC ETF was approved in Canada, followed by others in the US and Europe.
The largest providers include VanEck, ProShares, and Valkyrie.
As of 2022, there are over 20 listed BTC ETFs globally, with assets under management exceeding $10 billion.
Token Unlocks
Several tokens are scheduled to unlock this week, including Pump.fun, which is expected to bring in significant revenue for the platform.
