President Trump is confident that he has seized control over the Federal Reserve and intends to steer it towards implementing the interest rate cuts he desires. By influencing four out of the seven board members, Trump’s wishes are poised to become the Fed’s commands. In this scenario, the question arises: what impact does this have on altcoins and the ETHBTC pair?
Official Statement from the Fed
In a surprising move, Trump, who had previously attempted to charge Powell with corruption, dismissed Fed member Lisa Cook instead. Although Cook was set to serve until 2038, she now faces allegations of mortgage fraud. However, these accusations appear to stem from a minor procedural error and will be addressed in court. The Federal Reserve spokesperson emphasized their obligation to adhere to court decisions, while Cook has announced her intention to challenge the decision legally. Lengthy terms and dismissal protections for governors are vital to ensure decisions are based on data, economic analysis, and long-term interests for the American public. Congress has mandated that Reserve governors serve set terms and can only be dismissed by the president for “just cause.”
The reasoning behind Kugler’s resignation remains unclear, yet Trump’s maneuvering resulted in the appointment of Miran to his position. Now, with Cook removed, Trump has further consolidated his influence within the Fed. Ongoing legal proceedings are likely to cast future Fed decisions as politically motivated, potentially detrimental to global markets in the medium to long term.
ETHBTC Pair and Altcoins
Following Trump’s claims that “The Fed is now under our control, and relations with China are excellent,” Bitcoin 
$64,006 surged past $111,000. However, reclaiming the $112,500 support is crucial for stability. Meanwhile, the ETHBTC pair serves as an essential chart for altcoin investors.
Despite a painful drop, recent movements above 0.04 BTC have been promising. Fortunately, the 0.04 level was reclaimed, showcasing a quick rebound from earlier support. If future ETH ETF data proves strong, it may stimulate higher risk appetites among investors, creating favorable conditions for an altcoin bull market as it revisits the 0.044 to 0.05 BTC range.
