TLDR
- The crypto market saw a rebound after a U.S. district court temporarily blocked President Trump’s attempt to remove Fed Governor Lisa Cook.
- Bitcoin and other major cryptocurrencies like Ethereum, Solana, and Dogecoin experienced modest gains following the court’s decision.
- Trump-linked assets such as World Liberty Financial dropped nearly 1% due to the ongoing legal battle surrounding the Federal Reserve.
- AI cryptocurrencies like Worldcoin and NEAR surged by over 8-50% as the U.S. SEC engaged with AI companies on potential regulations.
- The court’s decision temporarily eased concerns over the Federal Reserve’s independence, providing stability to the crypto market.
The crypto market saw a slight rebound on September 10 after a U.S. district court temporarily blocked President Donald Trump’s effort to remove Federal Reserve Governor Lisa Cook. This legal action adds to the ongoing battle regarding the Federal Reserve’s independence. Bitcoin and major cryptocurrencies like Ethereum, XRP, and Solana experienced modest gains following the decision.
Crypto Market Reacts to Fed Court Order
Bitcoin held steady near $111,500 as the crypto market reacted to the court ruling. Ethereum, Solana, Dogecoin, and Cardano followed suit with small increases. Traders awaited key inflation data, which could influence future decisions on interest rates.
The Federal Reserve’s independence has been a key issue as Trump seeks to challenge its stance on interest rate cuts. This court order temporarily prevents the President from firing Governor Lisa Cook, offering relief to the crypto market. A stable Federal Reserve could help maintain favorable conditions for the crypto market moving forward.
Trump-linked Assets See Decline Amid Legal Battle
While the crypto market saw gains overall, Trump-linked assets experienced a decline. World Liberty Financial (WLFI), closely tied to Trump, dropped nearly 1%. Investors may be concerned about the ongoing legal battle and the potential impact on broader financial markets.
In contrast, AI-focused cryptocurrencies gained significant ground. Coins like Worldcoin (WLD), NEAR, RENDER, and VIRTUAL surged more than 8-50% over the last 24 hours. This uptick comes as the U.S. SEC meets with AI companies to discuss regulations amid the increasing convergence of AI and crypto markets.
AI Coins Continue Their Strong Performance
AI cryptocurrencies such as Worldcoin and NEAR demonstrated impressive growth on September 10. These coins saw large price increases, highlighting the growing interest in AI-related digital assets. Investors see AI tokens as increasingly important in the evolving crypto market landscape.
The rise of AI in the crypto space underscores a new trend, attracting investor attention. Despite some profit booking in the sector, AI coins remain a key focus for traders looking for the next big opportunity. The legal drama surrounding Trump and the Federal Reserve has not dampened this enthusiasm.
The legal action against Trump marks a significant moment for the crypto market, particularly Bitcoin and other top assets. The move has helped stabilize the market, allowing it to recover from previous losses.
