Crypto Daybook Americas: Trump's Criticism of the Fed Fails to Impact Bitcoin

Welcome to the special Good Friday edition of the daybook. As markets operate on a reduced schedule due to the Easter holiday, today's update is also condensed. CoinDesk's Crypto Daybook Americas will return to its regular format on Monday, April 21. We wish you a happy holiday! By Francisco Rodrigues (All times are in ET unless specified otherwise) It's Easter, and traditional markets are closed in many parts of the world, with many people taking a break from work. As a result, crypto markets are also experiencing a lull. The CoinDesk 20 Index (CD20), which tracks the largest and most active cryptocurrencies, has seen a negligible gain of less than 0.1% over the past 24 hours, with bitcoin (BTC) rising by just 0.1%. This muted response comes despite President Donald Trump's calls for the removal of Federal Reserve Chair Jerome Powell, citing his reluctance to cut interest rates, which has added to economic uncertainty and left bitcoin stagnant, while Wall Street invests in gold. On his social media platform Truth Social, Trump criticized Powell for being 'too late' in lowering interest rates, stating that his 'termination cannot come fast enough!' These comments follow Powell's statement that the central bank expects rising unemployment and inflation due to the tariffs imposed by Trump on most countries. The back-and-forth has increased uncertainty, resulting in the S&P 500 closing the shortened trading week with a mere 0.1% gain, while the tech-heavy Nasdaq dropped 0.1%. 'Currently, markets are highly reactive to White House decision-making and are likely to remain so for the foreseeable future,' Ira Auerbach, head of tandem at Offchain Labs and former head of digital assets at Nasdaq, told CoinDesk. 'Trump's push for rate cuts amid tariff-driven inflation risks could revive bitcoin's original narrative as a hedge against eroding purchasing power. Its recent risk-averse behavior may be short-lived as monetary policy uncertainty intensifies.' For now, however, gold appears to be the preferred hedge against currency debasement and uncertainty. The precious metal's recent bull run has meant that, over the last 20 years, it has outperformed the S&P 500, including dividends. The signals are mixed for crypto investors. While uncertainty prevails on the macro front, the regulatory outlook has been improving under the Trump administration, and institutions have shown greater comfort with the space. 'It's probably wise to 'let the dust settle' as tariff implementations and bilateral negotiations unfold,' dYdX Foundation CEO Charles d'Haussy told CoinDesk. 'Market participants' consensus seems to signal central banks' action past the summer.' Stay vigilant! What to Watch Token Events Conferences: Token Talk By Francisco Rodrigues Market Movements: Bitcoin Stats: Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows While You Were Sleeping In the Ether