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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.
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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).
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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.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Asia Morning Briefing: Bitcoin holds steady above $90K as fresh money returns to crypto
New-year allocations support bitcoin prices as leverage cools and volatility expectations rise.
What to know:
- Bitcoin remains stable above $90,000, reflecting consolidation rather than renewed selling pressure.
- Ethereum shows resilience with strong weekly and monthly performance, despite a cooling in futures positioning.
- Gold is expected to reach new highs in 2026 due to falling rates, central bank buying, and geopolitical risks.
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