Source: Cointelegraph Original: "{title}"
The cryptocurrency market has avoided the impact of U.S. President Trump's latest criticism of Federal Reserve Chairman Jerome Powell, while the U.S. stock market has plummeted, and the dollar continues to weaken amid uncertainty.
According to Google Finance data, on April 21, the U.S. stock market closed down across the board, with the S&P 500 index falling 2.4%, the tech-heavy Nasdaq index dropping 2.5%, and the Dow Jones index declining 2.5%, nearing a 1000-point drop.
Since the beginning of this year, the S&P 500 index has cumulatively fallen over 12%, while the Nasdaq index has seen a decline of nearly 18% amid a massive exodus from U.S. tech stocks.
The stock market decline stems from the escalating tension between Trump and Jerome Powell, as well as increasing market concerns over the impact of trade tariffs.
On April 21, Trump posted on his social media platform Truth Social, stating, "Many are calling for 'preemptive rate cuts.'"
He added, "With energy costs significantly down, food prices […] substantially lower, and most other 'goods' prices trending downward, there is actually no inflation."
Trump again called for rate cuts, while Powell, whom he referred to as "Mr. Too Late" and "a big loser," maintains interest rates at a high of 4.5%.
Last week, Powell criticized Trump's trade tariff policies, stating that they could lead to a dangerous combination of rising prices and slowing economic growth, known as "stagflation."
Trump immediately called for the firing of the central bank chairman, stating, "The sooner he is fired, the better."
According to CME Fed Watch data, the Federal Reserve is expected to maintain a wait-and-see policy stance at its meeting on May 7, with the market predicting only a 13% chance of a rate cut.
Based on TradingView data, the U.S. dollar index (DXY)—which measures the strength of the dollar against a basket of major currencies—has fallen over 10% this year. On April 21, the index dropped below 98 points, hitting a three-year low.
Raoul Pal, founder and CEO of Real Vision, commented on April 22, "Everyone needs and wants the dollar to weaken to repay dollar-denominated debt. This is the purest form of global liquidity and currently the biggest driver of global M2 (money supply)."
Meanwhile, the cryptocurrency market has maintained its upward momentum over the weekend, with a total market capitalization holding at $2.83 trillion as of the time of writing.
Bitcoin (BTC) is supporting the rise of the digital asset market, reaching a four-week high of $88,500 on April 22.
Bitfinex analysts commented in their latest market report, "Amid one of the most turbulent periods in global markets in years, Bitcoin has shown impressive resilience."
Related: Arthur Hayes: Bitcoin (BTC) may break $100,000 due to U.S. Treasury buyback plans.
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