BTC Tops $117,000 After Trump Picks Stephen Miran for Fed Role

Bitcoin Breaks Back Above $117K on Policy Tailwinds and Fed Nomination

Bitcoin surged past $117,000 late Thursday, rebounding from a recent dip below $112,000, as fresh U.S. policy developments reignited investor optimism across crypto markets.

The rally followed two key catalysts: President Trump’s signing of an executive order allowing digital assets like bitcoin to be included in 401(k) retirement plans, and the nomination of Stephen Miran to the Federal Reserve Board of Governors.

Policy Momentum Lifts Sentiment

The executive order, now signed into law, marks a landmark shift in U.S. retirement investment policy, enabling broader crypto exposure in tax-advantaged accounts. The move has been viewed as a significant step toward mainstream adoption.

Later in the session, bitcoin extended gains after Trump tapped Miran — current chair of the White House Council of Economic Advisers — to replace outgoing Fed Governor Andrea Kluger. Miran is seen as aligned with the administration’s dovish monetary stance, reinforcing market bets on a near-term rate cut.

Rate Cut Expectations Surge

Weak U.S. jobs data and a disappointing ISM Services reading earlier in the week had already shifted sentiment. Following the developments, the probability of a September rate cut rose to 95%, according to CME FedWatch, up sharply from 38% just a week ago.

Markets Eye Jackson Hole

Attention now turns to the Fed’s upcoming Jackson Hole Economic Symposium, where Chair Jerome Powell’s keynote is expected to provide further policy clarity. The event has become a key venue for signaling major shifts in monetary direction.

Crypto and Macro Market Snapshot

Bitcoin (BTC): +2% at $117,500
Ether (ETH): +5% at $3,867
XRP: +3.4% at $3.10
Gold: +1% at $3,468
U.S. Dollar: Slightly weaker
Equities: Mixed

With both regulatory and macroeconomic tailwinds aligning, bitcoin’s move higher could mark the start of renewed momentum — provided the Fed maintains its expected course.