Earlier this Tuesday, Bitcoin (BTC), XRP and other major token prices began to spread like wildfires on the X social media network, as rumors of Federal Reserve Chairman Jerome Powell's resignation.
Some right-wing influencers and some cryptocurrency accounts have begun sharing resignations allegedly written by Powell.
However, there is no official statement regarding Powell's resignation, and the letter is clearly not authentic.
Apart from meaningless text, its seal, which is likely to have been generated with the help of artificial intelligence (AI), is clearly not an easy-to-read title, but has some meaningful text. There is also a clear design contradiction that clearly indicates that the letters are not authentic.
Fake news. https://t.co/02xmtmj6kr
– Markets & Mayhem (@Mayhem4markets) July 22, 2025
However, low-efford letters can still push crypto prices higher, with Bitcoin approaching the $120,000 level.
There is a continuing right-wing pressure campaign targeting Powell due to the Fed's interest rates. Some argue that expelling Powell before the end of his term would likely undermine the Fed's independence.
