What You Need to Know:
- President Trump has nominated Stephen Miran for a position on the Federal Reserve’s Board of Governors.
- This announcement coincides with an executive order permitting cryptocurrencies to be included in 401(k) retirement plans.
- Bitcoin is currently trading at $117,500, marking a 2% increase.
Overview:
After dropping under $112,000 recently, Bitcoin has rebounded, surpassing $117,000 in late trading Thursday, reclaiming the range maintained for most of July. The news regarding President Trump’s executive order to allow crypto assets in 401(k) plans has notably boosted market sentiment. This order has been officially signed by the President.
Additional Highlights:
- Bitcoin surpasses $117,000 late in U.S. trading on news of Miran’s nomination to replace departing member Andrea Kluger.
- Currently serving as chair of the White House Council of Economic Advisors, Miran is expected to support a more lenient stance on interest rates.
- In the past few days, comments from various Fed officials in response to recent employment data have raised expectations for a possible rate cut in September, now seen as a 95% probability.
- The upcoming Jackson Hole Economic Symposium will be central for Fed policy indications, awaiting remarks from Jerome Powell.
- Concurrently, Ether (ETH) has gained 5% to $3,867, while XRP is trading at $3.10, representing a 3.4% increase.
Keep track of these developments as they unfold in the landscape of cryptocurrency and financial regulation.
