Federal Reserve Chair under investigation by Justice Department, cryptocurrencies rise in response.

Bitcoin rose by 1.40%, while other mainstream cryptocurrencies collectively rose on Sunday evening in the US Eastern Time. The price movements in cryptocurrencies occurred shortly after Powell released a video statement. In the statement, Powell revealed that the US Department of Justice had issued a criminal threat regarding his testimony before Congress in June 2025. Peter Chung, Director of Research at Presto Research, pointed out that the rise in Bitcoin "coincidentally began at the time of Powell's video release", and at the same time, the price of gold also rose significantly. At the time of writing, the spot price of gold rose by 1.3% to $4,569. "These price movements strongly indicate that Powell's comments about the 'threat to the independence of the Federal Reserve' have sparked concerns among investors about the traditional financial system dominated by the US dollar," added Peter Chung. Confidence in the neutrality of the US dollar is at the core of its reserve currency status, "once the public believes that the neutrality of the US dollar is no longer guaranteed, investors will start looking for hedging tools in the traditional system, and gold and Bitcoin are such hedge assets."