Bitcoin Holds Firm as DOJ Targets Fed Chair Powell
Bitcoin Shrugs Off Powell Probe as DOJ Targets Fed Chair
Bitcoin posted a relatively muted move after news that the U.S. Department of Justice is investigating Federal Reserve Chair Jerome Powell. The asset rose 1.7% to $92,000, according to CoinGecko data.
Powell confirmed the investigation in a Sunday statement, saying it centers on allegations that he misled Congress about a renovation project at the Fed’s headquarters.
In that statement, Powell rejected the allegations, calling them a “pretext”. He characterized the inquiry instead as an effort that challenges the Federal Reserve’s independence, framing it as a direct attack on the central bank’s autonomy.
The Fed’s autonomy is a key feature of the U.S. financial system, designed to insulate monetary policy decisions from political pressure. Because the Federal Reserve plays a central role in setting interest rates and guiding broader financial conditions, developments involving its leadership can influence market sentiment across assets—including cryptocurrencies.
Bitcoin’s limited rise suggests that, at least in the immediate reaction captured by CoinGecko, the market did not treat the investigation as a major catalyst compared with other forces that typically drive crypto prices.
