The Fed has made a sudden major announcement: the market is reporting that Powell may announce his resignation on December 1, and at an emergency meeting that evening, he will announce his successor as Hassett, the Director of the White House Council of Economic Advisers.

If the news is true, its impact will far exceed that of the crypto market:

1) To the financial market
Powell's resignation means that the "policy anchor" of the world's largest central bank has suddenly loosened. The interest rate path will be repriced, U.S. Treasury yields may fluctuate sharply, the dollar will face short-term pressure, and risk assets will be subjected to emotional shocks.

2) On the cryptocurrency market
Short-term volatility is likely to be sharply amplified—Bitcoin, Ethereum, and major altcoins may first drop and then rebound. The medium-term outlook depends on the stance of the new chairman: if it leans more dovish, favoring rate cuts or easing, it may instead boost risk appetite, with crypto becoming a potential beneficiary.

3) Reshaping Regulatory and Liquidity Expectations
Whether the new team is more open to cryptocurrency and whether it changes the regulatory approach to stablecoins and trading platforms will determine the structural direction of the industry for the next 12 months.

If Powell really resigns, it will become the strongest "black swan" on a macro level since 2024. Short-term volatility, medium-term view on the new chairman's stance, and long-term may reshape the global liquidity landscape, posing both risks and opportunities for crypto.