Crypto’s Tragic Comedy: Gensler’s Ghost, Powell’s Farewell, and Bitcoin’s Plunge

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In the grand theater of finance, where fortunes rise and fall with the whims of men, Bitcoin‘s descent from its lofty $109,000 perch has become the stuff of cautionary tales. Now, as Jerome Powell exits the Fed, one must wonder: are we doomed to relive this farce?

Ah, Bitcoin-that enfant terrible of the financial world-once soared to $109,000 when Gary Gensler, the SEC’s erstwhile guardian, departed in January 2025. Today, it languishes around $76,063, according to the ever-watchful CoinGecko. A decline so precipitous, it has rekindled debates as old as the blockchain itself. Yet, in this saga of greed and folly, one cannot help but chuckle at the irony of it all.

Crypto analyst Benjamin Cowen, with a gravitas befitting a modern-day Cassandra, traces this calamity to Gensler’s exit, which he dubs the dawn of crypto’s “grifting age.” Memecoins proliferated like weeds, influencers turned into snake oil salesmen, and rug pulls became the order of the day. The result? A liquidity drain that sent Bitcoin into a bear market. How quaint-a digital Wild West, where the only law was the absence of law.

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The Post-Gensler Era: A Carnival of Folly

Cowen laments that Gensler’s departure unchained the worst impulses of the crypto world. Capital, once a discerning patron, became a blind enthusiast, pouring into assets as substantial as a politician’s promise. CoinGecko’s data confirms Bitcoin’s plight: a 1.29% drop in 24 hours, a 2.53% fall over seven days. The numbers, cold and unforgiving, tell a story of hubris and misplaced trust. Ah, the bitter taste of victory turned to ashes.

When Gensler left the SEC in January 2025, Bitcoin was at 109k. Today, it is at 75k.

One major reason the crypto markets have suffered is because market participants started to lose faith in the industry itself.

After Gensler left, it essentially just opened the floodgates


– Benjamin Cowen (@benjamincowen)

Powell’s Exit: A New Act in the Drama

Now, as Jerome Powell steps down from the Fed on May 15, 2026, replaced by the enigmatic Kevin Warsh, the stage is set for another act in this tragicomedy. Powell, ever the stalwart, plans to remain on the Fed Board until 2028, citing an investigation into Fed headquarters renovations. President Trump, however, has other ideas, threatening to remove any official who overstays their welcome. Politics, as always, adds its own layer of absurdity to the proceedings.

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The Fed’s Steady Hand-or Is It?

The Federal Open Market Committee, in a vote of 8-4, decided to hold rates steady, keeping the benchmark funds rate between 3.5% and 3.75%. Yet, the internal discord surprised many. Powell, ever the pragmatist, noted rising near-term inflation expectations and flagged higher energy prices as a concern. The Middle East, that perennial source of uncertainty, looms large. The Kobeissi Letter succinctly summarized Powell’s stance: current policy remains “appropriate.” But with leadership in flux, how long can this equilibrium last?

1. Near-term US inflation expectations have risen

2. The Fed sees US PCE inflation at 3.5% in March 2026

3. Higher energy prices will “push up” near-term inflation

4. Middle East situation is contributing to uncertainty

5. Current Fed


– The Kobeissi Letter (@KobeissiLetter)

And so, as the curtain rises on this new chapter, one cannot help but marvel at the absurdity of it all. Crypto, with its promises of decentralization and freedom, has become a mirror to our own follies. Will history repeat itself? Perhaps. But in the grand scheme of things, is it not all just a spectacle-a comedy of errors played out on the grandest of stages?

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2026-04-30 13:09