#密码资产动态追踪 Trump has already designated the next Federal Reserve Chair, with the specific name currently kept confidential, and plans to make an official announcement in January next year. The current Chair Powell's term will end in May. The most discussed names on the candidate list—Hasset, Wosh, Wolle—all point to the same signal: Trump needs a leader who supports aggressive rate cuts.

How should we interpret this move? On the surface, it’s aimed at stimulating economic growth; rate cuts can indeed release liquidity. But the deeper intention is to test the market’s reaction—see how the financial sector, investors, and even global capital markets accept the "new direction" of the Federal Reserve. The issue is that this move also undermines expectations of the Fed’s independence. Once the market believes that the Fed Chair could be driven by political pressure, the credibility of the dollar will be shaken, which in turn affects the global financial markets’ overall pricing of liquidity and risk assets.

For the crypto market? $BTC, $ETH, $BNB —these liquidity-sensitive assets will react first. A rate cut cycle usually means lower funding costs and more speculative capital seeking yields—both traditional finance and on-chain assets will benefit. But if the Fed’s independence is questioned and the dollar’s devaluation expectations strengthen, that’s a different story.