Share this article
Bitcoin Surges Past $117K as Trump Taps Stephen Miran for Federal Reserve
An executive order paving the way for crypto to be included in 401(k) plans is also helping boost prices on Thursday.
Updated Aug 7, 2025, 8:30 p.m. Published Aug 7, 2025, 8:08 p.m.
What to know:
- President Trump has nominated Stephen Miran to join the Fed's Board of Governors.
- The news is combining with an executive order allowing crypto to be included in 401(k) retirement plans.
- Bitcoin is higher by 2% to $117,500.
Having tumbled to below $112,000 at one point a few days ago, bitcoin 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).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The push above $117,000 occurred late in the U.S. trading session Thursday on news of the nomination of Stephen Miran to replace the departing Andrea Kluger on the Federal Reserve's Board of Governors.
Currently the chairman of the White House Council of Economic Advisers, Miran is presumably an ally of the president and for now probably likely to at least partially share his dovish views on the current level of interest rates.
Even prior to the Miran selection, a series of Fed speakers over past days — reacting to Friday's weak jobs numbers and Monday's soft ISM Services print — made clear their expectation that a rate cut is likely coming at the central bank's next meeting in September.
According to CME FedWatch the chance of September cut had risen to 95% from just 38% one week ago.
The Fed's Jackson Hole Economic Symposium is taking place in two weeks. The confab has in recent years served as a spot for Fed chairs to signal important policy actions, so all eyes and ears are likely to be focused on Jerome Powell's keynote speech there.
Alongside the move higher in bitcoin to $117,500 — up 2% the past 24 hours — ether is ahead 5% to $3,867 3.4% to $3.10.
Checking traditional markets find gold up 1% to $3,468 per ounce, the dollar modestly lower across the board and major stock market indices mixed.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ether, Dogecoin, Solana Slide as Bitcoin Fails to Sustain Early-Week Breakout
The pullback followed Tuesday's brief spike above $94,500, a move that triggered a minor short squeeze but failed to break the resistance that has capped bitcoin for most of the past three weeks.
What to know:
- Bitcoin fell toward $90,000 as crypto markets lost ground despite a Federal Reserve rate cut.
- Over $514 million in leveraged positions were liquidated, with major tokens like Ether and Solana also declining.
- Analysts suggest Bitcoin must surpass $94,000 to signal a significant rebound, amid concerns over macroeconomic conditions and market liquidity.
Top Stories
