The game of chess between Trump and the Federal Reserve is clearly escalating. Recently, he publicly criticized Fed Chair Powell, accusing him of "gross dereliction of duty," and used the uncontrolled renovation budget of the Federal Reserve headquarters as a starting point, sending a strong political pressure signal. Essentially, this is not an engineering issue, but rather Trump attempting to use public opinion and institutional pressure to force the Fed to compromise on more aggressive interest rate cuts.

From the perspective of the crypto market, this is a classic "double-edged sword." If political pressure ultimately translates into rate cuts that exceed market expectations, liquidity easing expectations will quickly heat up, and high-risk assets, especially cryptocurrencies, tend to benefit first, with significant price elasticity. However, conversely, once the market begins to question the independence of the central bank, macro uncertainty rises, risk appetite may quickly cool down, and funds could withdraw temporarily, leading to increased volatility.

Historical experience has repeatedly shown that the crypto market is far more sensitive to "liquidity expectations" than traditional assets. Any slight change in policy expectations can be amplified into sharp price fluctuations.

It is important to note that Powell's term as Fed Chair will last until May 2026. This means that, regardless of short-term wins or losses, this tug-of-war between politics and monetary policy will not end quickly. For the market, one signal is already very clear: for a considerable period of time, macro political risk will become one of the core variables influencing the trend of crypto assets.