Bitcoin has surged past the $117,000 mark, buoyed by a combination of promising regulatory news and a significant nomination for the Federal Reserve. Late Thursday, U.S. trading saw Bitcoin reclaim its July range, climbing back above this key threshold after briefly dipping below $112,000 earlier in the week. The catalyst? An executive order signed by President Trump that allows cryptocurrencies to be included in 401(k) retirement plans, alongside the nomination of Stephen Miran to the Federal Reserve’s Board of Governors. This development aligns with recent reports on Trump’s plan to open 401(k)s to crypto.
Regulatory Winds Fuel the Rally
The regulatory landscape is shifting, and the crypto market is responding with enthusiasm. President Trump’s executive order, which integrates cryptocurrencies into the realm of retirement savings, is seen as a substantial step towards mainstream acceptance. This move not only signals a growing institutional interest but also reflects the administration’s openness to innovative financial instruments. As explored in our recent coverage, Trump’s retirement reform push has been a significant driver of Bitcoin’s rally.
“The inclusion of crypto in 401(k) plans is a game-changer,” says financial analyst Rebecca Thompson. “It opens up a massive new market segment and provides legitimacy to digital assets in the eyes of conservative investors.”
Miran’s Nomination: A Dovish Signal?
The nomination of Stephen Miran to replace Andrea Kluger on the Federal Reserve’s Board of Governors further adds to the market’s buoyancy. Currently serving as the chairman of the White House Council of Economic Advisers, Miran is perceived as a close ally of President Trump. His appointment is expected to bring a dovish tilt to the Fed’s interest rate policies, aligning with the President’s views on economic growth.
Market sentiment was already on edge following a series of remarks from Fed officials, who cited weak job numbers and a soft ISM Services print as reasons to anticipate a rate cut at the Fed’s September meeting. CME FedWatch data shows that the probability of a September rate cut has soared to 95%, up significantly from 38% just a week ago.
“The market is practically pricing in a rate cut,” notes crypto strategist Mark Linton. “Miran’s nomination only strengthens that expectation and adds fuel to the crypto market’s upward trajectory.”
Broader Market Context
As Bitcoin rallies, other cryptocurrencies are not far behind. Ether (ETH) has risen by 5% to $3,867, while XRP (XRP) has gained 3.4% to reach $3.10. Traditional markets are experiencing mixed reactions, with gold inching up 1% to $3,468 per ounce, while the dollar weakens slightly across the board.
The anticipation surrounding the Federal Reserve’s upcoming Jackson Hole Economic Symposium, scheduled in two weeks, is palpable. Jerome Powell’s keynote speech is likely to be a focal point, as it has historically been used to signal pivotal policy shifts.
What Lies Ahead?
While the current mood in the crypto market is one of optimism, questions linger about the sustainability of this trend. The intertwining of regulatory developments and monetary policy shifts has created a complex landscape that investors must navigate with care.
“There’s an undercurrent of uncertainty,” warns economic commentator Sarah Patel. “While the regulatory news is positive, the global economic outlook remains fragile. Investors should remain cautious.”
As the Federal Reserve’s meeting in September approaches, the market will keep a close eye on any hints of policy changes emanating from Jackson Hole. Until then, the crypto world continues to ride the wave of recent developments, with Bitcoin leading the charge.
In the end, whether these factors can sustain Bitcoin’s climb remains an open question, but for now, the bulls seem to be in control.
Source
This article is based on: Bitcoin Surges Past $117K as Trump Taps Stephen Miran for Federal Reserve
Further Reading
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- Bitcoin Regains Perch Above $115,000 as Crypto Markets Rebound
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
