According to a report by The New York Times on January 12, the U.S. federal prosecutors have initiated a criminal investigation into Federal Reserve Chair Jerome Powell. The focus of the investigation revolves around the renovation project of the Federal Reserve's Washington headquarters building, marking a deepening of the longstanding policy disagreements between President Trump and the Federal Reserve leadership.

From a market perspective, the emergence of such political risks often amplifies the uncertainty in Federal Reserve policy-making. As one of the most important central bank leaders globally, the Fed Chair's policy stance directly influences the USD trend, the global liquidity environment, and subsequently affects the risk appetite across the entire crypto asset market.

Historically, whenever the Federal Reserve faces high-level power fluctuations, markets tend to experience significant volatility. On one hand, a power vacuum may lead to delays or swings in policy implementation; on the other hand, under political pressure, the Fed may be forced to alter its original monetary policy trajectory. For investors holding digital assets, such macro events often serve as turning points.

Next, attention should be paid to how the investigation develops and whether the Trump administration will have a direct impact on the Fed's policy-making. During this period, monitoring macro indicators such as the USD index and U.S. Treasury yields will help anticipate potential shifts in the crypto market sentiment.