Monday's market started to stir again. Not long after the market opened today, news about the Department of Justice issuing a subpoena to Federal Reserve Chairman Powell triggered a chain reaction in the market—gold and silver surged straight up, the crypto market followed suit and rose, while the US stock market continued to decline.

Let's clarify the situation first. The Federal Reserve officially confirmed that the Department of Justice has issued a subpoena to the jury, ostensibly to "investigate Powell's statements in Congress regarding the historic building renovation project," even mentioning the possibility of criminal charges. But everyone can see that this is just a pretext. Powell himself candidly stated: the real reason is that he refuses to blindly follow the rate cuts and insists on speaking based on economic data.

From another perspective, this drama is quite ironic. Over the past more than half a year, a certain American leader has frequently criticized Powell in public—saying the rate cuts are too slow, not enough, and even threatening that "when his term ends in May 2026, he will be replaced." Now only five months remain, yet they are still entangled in this matter, clearly putting pressure on the Federal Reserve, hoping they will obediently comply in the remaining time.

The key question is, why can this shake up the crypto market? The reason is actually quite straightforward.

The independence of the Federal Reserve is essentially the cornerstone of the US dollar's credibility. Once independence is shaken, the market will reassess the stability of the dollar. What does a credibility issue mean? Funds will seek new safe-haven assets. Gold, silver, cryptocurrencies—all become destinations for capital. Especially for institutional investors accustomed to global allocation, the predictability of Fed policies has decreased, and they will accelerate their shift to alternative assets.

The recent rise in the crypto market essentially reflects a re-pricing of the stability of the dollar system. When central bank independence faces challenges, the appeal of decentralized assets naturally increases. This is not just a technical issue; it’s a reconstruction of asset allocation logic.