Fed Chair Jerome Powell is set to deliver a highly anticipated speech today at 8:30 AM EST, sparking intense speculation about a possible surprise resignation. The anticipation comes amid escalating tensions between Powell and President Trump. Will Powell’s potential resignation spark a bullish trend for the crypto market?
Resignation Rumors Swirl Ahead of Fed Chair Powell’s Speech
Reportedly, Federal Reserve Chair Jerome Powell is expected to deliver a pivotal speech today. With resignation rumors swirling, the spotlight is on Powell’s upcoming speech.
Notably, Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), shared an X post hinting at Powell’s potential announcement of his resignation. Though he stated that today’s speech is unlikely to include Powell’s resignation announcement, Pulte suggested that one could be coming soon.
It won’t be his resignation speech but his resignation speech is coming soon https://t.co/WKgRFIgMe2
— Pulte (@pulte) July 22, 2025
Trump and Others Question Powell’s Interest Rate Decisions
Interestingly, the resignation rumors and Pulte’s prediction follow President Donald Trump’s recent threat to fire Powell. While Trump has heavily criticized Fed Chair Jerome Powell for his interest rate decisions, the President has even suggested he might fire Powell. Although Trump recently stated it’s unlikely he’ll fire Powell, he left room for action if there’s evidence of “fraud”. Trump added,
I talked about the concept of firing him. I said, ‘what do you think?’ Almost everyone of them said I should, but I’m more conservative.
Meanwhile, William Pulte revealed that the Fed Chair is considering resigning, as CoinGape reported. He expressed enthusiasm for the development, deeming it the “right direction for America.” Congresswoman Anna Paulina Luna has also formally requested a DoJ investigation into Powell for misleading Congress and executive branch officials. Luna stated,
I have formally referred Jerome Powell to the DOJ for criminal investigation. Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust.
According to US Treasury Secretary Scott Bessent, the process to replace Powell has already started. He criticized the Fed’s expansion into areas beyond monetary policy.
Crypto Market Uptrend on the Horizon
Amid increasing rumors surrounding Powell’s potential resignation, the crypto market is on the verge of a bullish resurgence. Although the crypto market is currently experiencing a bearish pullback, speculation about Powell’s speech today has sparked a positive momentum. Crypto enthusiasts are eagerly awaiting Powell’s words, with some betting on a potential bullish trend for crypto in the event of a resignation.
At press time, the $3.91 trillion crypto market has slipped by a marginal 0.5%. Top cryptocurrencies like Bitcoin, Ethereum, and XRP have experienced slight upticks of 0.14%, 0.61%, and 0.5%, respectively, over the past hour. Although Bitcoin, Ethereum, and XRP have declined recently, they’ve still managed to post notable gains over the past week, with Bitcoin up 1.39%, Ethereum surging 24.2%, and XRP jumping 20.2%.
If the Fed Chair announces his official resignation at today’s speech, the crypto market is poised for an uptrend. It may echo past patterns, where Bitcoin spiked notably following Trump’s comments about firing Powell.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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