Bitcoin surpasses $117,000──President Trump nominates Milan CEA Chairman to the Fed Board | CoinDesk JAPAN

Bitcoin surpasses $117,000 - President Trump nominates Milan CEA Chairman to the FRB

  • President Trump nominated Mr. Steven Mulan to the FRB Board.
  • This news coincides with a presidential decree allowing the incorporation of cryptocurrency assets into 401k retirement plans.
  • Bitcoin rose by 2% to $117,500.

Bitcoin (BTC) had fallen to below 112,000 Dollar a few days ago, but after the close of U.S. trading on the 7th, it has recovered to over 117,000 Dollar, regaining the range it had been trading in for most of July.

The news that President Trump intends to sign an executive order allowing cryptocurrencies (and other assets) in 401k retirement plans was the first to boost the cryptocurrency market overnight (this executive order has already been signed).

The rise of over 117,000 Dollar occurred in the late trading hours on the 7th, following reports that Stephen Miran was nominated to succeed outgoing Federal Reserve Board member Andrea Kluger.

Currently, Mr. Milan, who serves as the chair of the White House Council of Economic Advisers (CEA), is seen as an ally of the president and is likely to share a dovish view on the current level of interest rates, at least partially.

Before Mr. Milan was chosen, a series of statements from the Fed over the past few days had reacted to the weak employment statistics of the day and the sluggish ISM services index on the 4th, revealing the outlook that a rate cut is likely to occur at the next Fed meeting in September.

According to CME FedWatch, the likelihood of a rate cut in September rose from 38% a week ago to 95%.

In two weeks, the Federal Reserve's economic symposium "Jackson Hole Conference" will be held. In recent years, this conference has become a venue for the Fed Chair to indicate important policy measures, so all eyes will be on the keynote speech by Chair Jerome Powell.

Bitcoin has risen 2% in the past 24 hours to $117,500, while Ethereum (ETH) has increased by 5% to $3,867, and XRP has seen a 3.4% rise to $3.10.

Looking at the traditional market, gold has risen by 1% to 3468 Dollar per ounce, while the Dollar has broadly declined slightly, and the major stock indices are showing mixed movements.

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