Bitcoin’s Plunge Sparks Concerns: The Fed Chair Investigation Unfolds

Key Points

1. Bitcoin's price fell from $118,391 to $117,660, raising concerns in the cryptocurrency market.

2. Republican Representative Anna Paulina Luna has requested a Department of Justice investigation into Fed Chair Jerome Powell, accusing him of lying under oath about the cost overruns of the Federal Reserve's Eccles Building renovation.

3. Powell allegedly downplayed the project's cost increase from $1.9 billion to $2.5 billion in a letter to the OMB Director, but congressional investigators found the budget overruns were significant.

4. The investigation could have political repercussions, especially if the DOJ finds Powell guilty, potentially leading to his removal.

5. The situation adds to market volatility, with traders closely monitoring developments.