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The US Dollar Index (DXY) has dropped to a three-year low amid reports that President Donald Trump is considering removing Federal Reserve Chairman Jerome Powell. 

Meanwhile, the development positively affected Bitcoin’s (BTC) price, pushing it to its highest level since President Trump’s Liberation Day.

Trump’s Push Against Powell Adds Pressure on the Dollar

According to the latest data, DXY has plunged below 99. At press time, it stood at 98.2, representing the lowest value since March 2022. 

Economist Peter Schiff highlighted the severity of the situation in the latest post on X (formerly Twitter).

“Gold is up over $50, hitting a record high of $3,380. The euro is above $1.15. The dollar has also fallen below 141 Japanese yen and .81 Swiss francs (a new 14-year low, just 3% above a record low). The dollar Index is below 98.5, a new three-year low. This is getting serious,” Schiff posted.

The dollar’s steep fall comes amid the latest comments made by National Economic Council Director Kevin Hassett on Friday, April 18. Hassett revealed that Trump and his team are actively exploring the possibility of ousting Powell.

His statement was in response to a reporter’s question about whether removing Powell was an option.

“The president and his team will continue to study that matter,” Hassett replied.

In addition, he called out the Federal Reserve for politically motivated actions under Powell’s leadership. Specifically, Hassett criticized the Fed for raising interest rates shortly after Trump’s election and cutting them ahead of the election, moves he claims favored the Democratic Party. 

Notably, the growing contempt towards Powell is a response to the Fed’s stance on interest rates. BeInCrypto reported earlier that the Fed will likely not cut rates in May amid rising inflation and President Trump’s tariff pause.

Recently, Trump also blamed the Fed Chair for being slow to act on interest rate cuts. In a post on social media, Trump compared Powell’s actions unfavorably to the European Central Bank (ECB), which is set to implement its seventh interest rate cut. 

Trump argued that Powell, whom he described as “always too late and wrong,” should have taken similar measures long ago to address economic conditions.

“Powell’s termination cannot come fast enough!” the President wrote.

The Fed Chair’s potential removal raises serious questions about the Federal Reserve’s independence and its implications for global markets. Powell, whose term as chair extends to May 2026, has previously stated that legal protections prevent his removal and that he intends to serve out his term.

Will Dollar Weakness Drive Bitcoin to New Heights?

Nonetheless, it’s worth noting that if Powell is removed and President Trump successfully persuades the Federal Reserve to cut interest rates, it could likely lead to a crypto market rally. Generally, when the Fed lowers interest rates, the US dollar tends to weaken.

Therefore, investors prefer cryptocurrencies, especially Bitcoin, which is often seen as a hedge against inflation and the weakening of fiat currencies. The inverse relation between the DXY and BTC further solidifies the case for a rally if the dollar depreciates.

In fact, the latest decline in the dollar index has coincided with a notable increase in Bitcoin’s price. The largest cryptocurrency surged to over $87,000 for the first time since April 2.

“USD weakness is driving the rally in crypto,” Sean McNulty, Derivatives Trading Lead at FalconX, told Bloomberg.

At the time of writing, BTC was trading at $87,586. BeInCrypto data showed that this represented an appreciation of 3.5% over the past day. As markets celebrate these gains, the focus remains on Trump’s next moves and their broader economic consequences.

The post President Trump’s Push to Oust Powell Sends DXY Plummeting, Bitcoin Hits Liberation Day Highs appeared first on BeInCrypto.

Following a period of decline, PI has rebounded and initiated an uptrend as buying activity gains momentum. 

The renewed buying pressure suggests that PI bulls are back in control, now setting their sights on reclaiming its all-time high (ATH).

PI Regains Strength as Key Indicators Flash Bullish

After it reached an ATH of $3 on February 27, PI saw a spike in profit-taking, which caused its price to plummet to a low of $1.51 by March 2. However, PI’s price has rebounded since then, indicating a shift in market sentiment as bulls attempt to regain dominance from the bears.

Key technical indicators, including the Balance of Power (BoP), highlight the growing strength of buyers in the market. At press time, this indicator is in an upward trend and at its ATH of 0.92. 

An asset’s BoP measures the strength of its buyers and sellers by analyzing its price movements within a given period. When its value is positive, it indicates that buyers are in control, driving prices higher. 

This trend suggests that buying momentum is building. It reinforces PI’s current uptrend and increases the likelihood of the coin reclaiming its $3 ATH if demand continues to rise.

Furthermore, PI’s Chaikin Money Flow (CMF) confirms the uptick in the coin’s demand. This indicator, which measures money flows into and out of an asset, rests above the zero line at 0.08.

A positive CMF reading like this indicates strong buying pressure, showing PI is experiencing sustained capital inflows. This suggests that demand for the altcoin outweighs supply, hinting at more price gains.

Pi Network (PI) Faces Critical Resistance

On the four-hour chart, PI currently holds above support at $1.97. If demand strengthens, the altcoin could break above the resistance at $2.12 and reclaim its ATH of $3. 

However, the decline in PI’s demand to absorb the climbing supply may put downward pressure on its price. So far this month, over 188 million PI have been distributed to over 1 million Pioneers.

If demand drops, PI could lose its recent gains and plummet below $1.62 to trade at $1.34.

The post PI Coin Rebounds as Buying Momentum Rises: Can It Reclaim Its ATH of $3 Soon? appeared first on BeInCrypto.