Earlier this Tuesday, the prices of Bitcoin (BTC), XRP, and other major tokens surged higher amid rumors of Federal Reserve Chair Jerome Powell’s resignation started spreading like wildfire on the X social media network.
Several right-wing influencers and some cryptocurrency accounts started sharing a resignation letter that was allegedly written by Powell.
However, there is no official statement regarding Powell’s resignation, and the letter is obviously not authentic.
Apart from nonsensical text, its seal, which was likely generated with the help of artificial intelligence (AI), features some gibberish text instead of clearly legible titles. There are also some glaring design inconsistencies that clearly show that the letter is not authentic.
Fake news. https://t.co/02xmtMJ6kr
— Markets & Mayhem (@Mayhem4Markets) July 22, 2025
However, the low-effort letter was still seemingly able to push crypto prices higher, with Bitcoin now approaching the $120,000 level.
There is an ongoing right-wing pressure campaign aimed at Powell due to the Fed’s interest rates. Some argue that ousting Powell before the end of his term will likely undermine the Fed’s independence.