u.today
XRP, the third-biggest cryptocurrency by market cap, briefly surged above the $3 level earlier this Wednesday amid numerous rumors of Federal Reserve Chair Jerome Powell's likely ouster.
Bitcoin, the leading cryptocurrency, also approached the $120,000 level.
According to Bloomberg, an anonymous White House official said that Powell could end up being fired soon. However, no final decision has been made so far.
Major U.S. stock market indices quickly fell on the report, with the S&P 500 index currently trading in the red.
The stock market is about the independence of the Fed being undermined.
As reported by U.Today, cryptocurrency mogul Novogratz recently urged investors to buy Bitcoin, criticizing the calls for Powell's termination as "Banana Republic moves."
Some believe that firing Powell before the end of his term would be bullish for crypto since it would erode confidence in the Fed and likely result in much lower interest rates in the near future.