Bitcoin Surges Past $117K as Trump Taps Stephen Miran for Federal Reserve
Main Idea
Bitcoin's price surged past $117,000 following President Trump's nomination of Stephen Miran to the Federal Reserve and an executive order allowing crypto in 401(k) plans.
Key Points
1. Bitcoin rose 2% to $117,500, recovering from a recent dip below $112,000.
2. President Trump nominated Stephen Miran to join the Fed's Board of Governors.
3. An executive order was signed to include crypto in 401(k) retirement plans, boosting market sentiment.
4. Ether (ETH) increased by 5% to $3,867, while traditional markets showed mixed performance.
5. The likelihood of a Fed rate cut in September rose to 95%, according to CME FedWatch.
Description
Having tumbled to below $112,000 at one point a few days ago, bitcoin (BTC) has returned above $117,000 in late after U.S. trading Thursday, for now retaking the range it had been in for most of July. First giving a boost the crypto market overnight was news about President Trump's intention to sign an executive order allowing crypto (among other assets) in 401(k) retirement plans (that order has now been signed ). The push above $117,000 occurred late in the U.S. trading session Thursday on new...
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