Bitcoin Climbs Above $117,000 Following Stephen Miran’s Fed Nomination
Bitcoin (BTC) has risen above $117,000 after dipping below $112,000 earlier this week. Key factors include:
- President Trump's plan to sign an executive order allowing crypto in 401(k) retirement plans.
- The nomination of Stephen Miran to the Federal Reserve's Board of Governors, which may align with dovish economic views.
- Anticipation of a rate cut from the Federal Reserve in September, with the probability rising to 95% according to CME FedWatch.
In the last 24 hours, BTC increased by 2% to $117,500. Other cryptocurrencies also saw gains: ether (ETH) rose 5% to $3,867, and XRP (XRP) climbed 3.4% to $3.10. Traditional markets showed mixed results, with gold up 1% to $3,468 per ounce and the dollar slightly lower.