According to CryptoSlate, Bitcoin has broken its classic macro correlation as markets price in a new risk: Federal Reserve independence. The shift occurred after Jerome Powell indicated the Fed received grand jury subpoenas and faced threats from the Trump administration regarding a renovation project. This raised concerns about political pressure influencing the Fed's decisions. Gold rose, the dollar slipped, and equity futures leaned lower. Bitcoin and Ethereum initially climbed before retracing. The market is now focused on whether the institution setting the price of money can be influenced, potentially creating a new volatility channel for Bitcoin related to governance risk. The International Monetary Fund (IMF) has emphasized the importance of central bank independence for price stability and trust.

According to CryptoSlate, Bitcoin has broken its classic macro correlation as markets price in a new risk: Federal Reserve independence. The shift occurred after Jerome Powell indicated the Fed received grand jury subpoenas and faced threats from the Trump administration regarding a renovation project. This raised concerns about political pressure influencing the Fed's decisions. Gold rose, the dollar slipped, and equity futures leaned lower. Bitcoin and Ethereum initially climbed before retracing. The market is now focused on whether the institution setting the price of money can be influenced, potentially creating a new volatility channel for Bitcoin related to governance risk. The International Monetary Fund (IMF) has emphasized the importance of central bank independence for price stability and trust.