Fed Chair Powell May Resign as Bit Digital Dumps Bitcoin

Plus: Musk backs Bitcoin for America Party platform 👇

Author

Macro Point Daily
July 14, 2025

👋 Welcome Back to Macro Point Daily, The smartest crypto take of the day — macro trends, market moves, daily charts, and a side of memes.

Every day we provide the 5 stories which matter most in crypto, and one just for the degens.

In Today’s Edition

  • 🏦 Jerome Powell resignation rumors shake markets

  • 🔄 Nasdaq's Bit Digital sells all Bitcoin for Ethereum

  • 🇺🇸 Musk names Bitcoin in America Party agenda

  • 💰 Justin Sun commits $100M to Trump memecoin

  • 🌍 Japan's Metaplanet targets 210,000 BTC by 2027

  • 🐸 TON surges 12% on fake Dubai visa claims

Let’s dive in.👇

Today’s Edition

📌 Fed Chair Powell May Resign Amid Market Pressure

Political pressure mounts as Trump criticism intensifies over rate policy

Jerome Powell may be preparing to step down as Chair of the Federal Reserve, according to reports that sent shockwaves through financial markets. Fannie Mae Chairman William Pulte said he's "encouraged by reports" of Powell's possible resignation, adding it would help the economy "boom." The pressure has been building with President Trump sharply criticizing Powell's refusal to cut rates, calling it a costly mistake and saying he is "terrible." Powell also faces accusations of misleading Congress over a $2.5 billion Fed renovation, with lawmakers now calling for a formal investigation. A decision could significantly impact both traditional markets and crypto flows, as Powell's monetary policy has been a key driver of risk asset performance.

  • 🎯 Political pressure intensifies over rate cut resistance

  • 💸 $2.5B Fed renovation scandal adds to resignation calls

  • 📊 Decision could reshape monetary policy and crypto flows

📉 Musk names Bitcoin in America Party platform after GOP split

Bitcoin gained fresh momentum after Elon Musk confirmed it will be part of his new America Party's official platform

"Fiat is hopeless so yes," he said when asked about supporting BTC, a remark that quickly pushed Bitcoin close to $110,000. Dogecoin also jumped 6% on the news. The move follows Musk's split from the Republican Party over Trump's controversial $3.3 trillion tax bill. With Tesla still holding over 11,500 BTC, Musk's political stance adds new weight to Bitcoin's future in U.S. politics and could attract more institutional adoption as his influence grows.

  • 🏛️ Bitcoin officially part of America Party platform

  • ⚡ Tesla's 11,500 BTC holdings add political weight

  •  📈 DOGE jumps 6% on Musk's crypto endorsement

📉 Ethereum corporate adoption accelerates with Bit Digital move

Nasdaq firm ditches Bitcoin for massive ETH treasury play

The most striking chart today shows Ethereum's sudden surge in corporate adoption. Bit Digital, a Nasdaq-listed firm, sold off all 280 of its Bitcoin to build a massive Ethereum treasury of over 100,600 ETH after raising $172 million in a public offering. The company now aims to become the largest corporate holder of Ether, with CEO Sam Tabar citing smart contracts and staking rewards as key drivers. This represents a significant shift in corporate treasury strategy, moving beyond the traditional Bitcoin-only approach.

  • 🔄 First major corporate Bitcoin-to-Ethereum swap

  • 💎 100,600 ETH treasury aims for largest corporate holding

  •  📈 Stock jumped 18% on strategy announcement

📈 Japan's Metaplanet sets bold 210,000 BTC target by 2027

Japan's Metaplanet is entering the next phase of its Bitcoin strategy after adding 2,205 BTC this week, bringing total holdings to 15,555 BTC.

The Tokyo-based company now holds the largest corporate Bitcoin position outside North America and plans to use its Bitcoin holdings as collateral to finance acquisitions of profitable businesses. "We need to accumulate as much bitcoin as we can... to reach escape velocity," said CEO Simon Gerovich. The company has set an ambitious target of 210,000 BTC by 2027, representing one of the most aggressive corporate Bitcoin accumulation strategies globally.

  • 🏗️ Using Bitcoin as collateral for business acquisitions

  • 🎯 210,000 BTC target by 2027 is most aggressive strategy

  • 🌏 Largest corporate holder outside North America

🛠 Ripple partners with BNY Mellon to custody RLUSD reserves

Ripple has partnered with BNY Mellon to custody reserves for its stablecoin RLUSD, a move that significantly boosts regulatory credibility and institutional trust.

The announcement came as RLUSD crosses a $500 million market cap just seven months after launch. BNY Mellon will handle reserve assets like cash and U.S. Treasuries, with Emily Portney stating "We are thrilled to support the growth and adoption of RLUSD." Ripple is also pursuing a U.S. banking charter and Fed master account, positioning itself as a bridge between traditional finance and crypto. This partnership represents a major step toward mainstream stablecoin adoption.

  • 🏦 BNY Mellon adds institutional credibility to RLUSD

  • 💰 $500M market cap reached in seven months

  •  🎯 U.S. banking charter and Fed account in progress

Degen Domain

🐸 TON surges 12% on fake Dubai Golden Visa claims

Toncoin surged nearly 12% after TON Foundation's CEO claimed that staking $100,000 worth of the token could get investors a UAE Golden Visa.

The pump was short-lived as UAE authorities quickly denied the claim. The country's top regulators – ICP, SCA, and VARA – issued a joint statement calling the claim false, clarifying that TON is not licensed or approved in Dubai and no such visa route exists for crypto investors. The incident highlights the volatile nature of meme-adjacent tokens and how quickly false narratives can move markets before reality sets in.

💬 Quote of the Day

"We need to accumulate as much bitcoin as we can... to reach escape velocity."

— Simon Gerovich, CEO of Metaplanet

See you tomorrow. Forward to a friend who still thinks ETFs are boring.

📉📈🧠🫡
— Macro Point Daily