Breaking news from the Fed: Reports are circulating that Powell may announce his resignation on December 1, with the successor to be revealed that evening in an emergency meeting as the Director of the White House Council of Economic Advisers, Hassett.

If the news is true, its impact will far exceed the crypto market:

1) To the financial market
Powell's resignation means that the "policy anchor" of the world's largest central bank has suddenly loosened. The interest rate path will be repriced, U.S. Treasury yields may fluctuate sharply, the dollar is under short-term pressure, and risk assets face an emotional shock.

2) On the cryptocurrency market
Short-term volatility will be sharply amplified—Bitcoin, Ethereum, and major altcoins may dip before recovering. The mid-term depends on the new chairman's stance: if it is more dovish, leaning towards rate cuts or easing, it may instead boost risk appetite, with crypto becoming a potential beneficiary.

3) Reshaping Regulatory and Liquidity Expectations
Whether the new team is more open to cryptocurrency and whether it changes the regulatory approach to stablecoins and trading platforms will determine the structural direction of the industry over the next 12 months.

If Powell really resigns, it will become the strongest "black swan" at the macro level since 2024. There will be short-term volatility, mid-term considerations of the new chairman's stance, and long-term potential to reshape the global liquidity landscape, presenting both risks and opportunities for cryptocurrency.