"Crypto did what it often does when the macro story shifts from numbers to trust.

Bitcoin and Ethereum climbed around 1.5% and 1.2% before retracing amid the dollar’s sharpest drop in three weeks.

This is the part where the usual crypto macro script, “rates up, Bitcoin down,” stops being enough.

Because the shock here is bigger than the next Fed meeting.

It’s about whether the institution that sets the price of money can be leaned on, scared, or bent. That sounds abstract. Markets have a way of turning abstract things into a line item."