Bitcoin Prices Surge Amid Resignation Rumors

Earlier this Tuesday, the prices of Bitcoin (BTC), XRP, and other major tokens surged amid rumors of Federal Reserve Chair Jerome Powell’s resignation spreading on the X social media network.

Several right-wing influencers and cryptocurrency accounts shared a resignation letter allegedly written by Powell. However, there is no official statement regarding Powell’s resignation, and the letter is clearly not authentic.

The letter contained nonsensical text and its seal, likely generated with AI, featured gibberish instead of clear titles. Additionally, there were glaring design inconsistencies indicating that the letter was fabricated.

> Fake news. https://t.co/02xmtMJ6kr
> — Markets & Mayhem (@Mayhem4Markets) July 22, 2025

Despite the low-effort letter, crypto prices rose, with Bitcoin nearing the $120,000 mark. This surge coincided with a right-wing pressure campaign against Powell in response to the Fed’s interest rate policies. Critics argue that ousting Powell before his term ends could undermine the Fed’s independence.