Nasdaq Hits New All-Time High, Bitcoin Reaches $117K, Does the New Federal Reserve Board Member Support the Cryptocurrency Industry?
US Stock Market Mixed, Tech Stocks Surge Driving Nasdaq to New Highs
The three major U.S. stock indexes showed mixed results, with technology stocks soaring, propelling the Nasdaq to a new all-time high. The cryptocurrency market rose by 3.12% in the past 24 hours. Bitcoin (BTC) has returned to 117K, while Ethereum (ETH) briefly surged above 3,900 this morning. U.S. President Trump will nominate current White House Economic Advisory Council ### Stephen Miran to serve as a member of the Federal Reserve Board. Miran has publicly stated that cryptocurrencies play an important role in innovation and economic prosperity.
U.S. Labor Market Weakens, Powell’s Successor in Sight?
The number of initial unemployment claims in the U.S. last week was reported at 226,000, with continuing claims rising to 1.994 million, reaching the highest level since November 2021, further indicating a weakening labor market.
President Trump tweeted during the late trading hours on Thursday that he would nominate current White House Economic Advisory Council ### Stephen Miran to the Federal Reserve Board, but his appointment requires Senate approval and can only replace Adriana Kugler’s term, which is set to expire in January next year. According to sources, Trump’s advisors are searching for a successor to Fed Chairman Powell, and Federal Reserve Board member Christopher Waller is currently the frontrunner.
However, Joseph Capurso, head of international economics at Commonwealth Bank of Australia, believes: “Based on Trump’s assessment of Miran’s performance, he could also become Powell’s ### successor after his term ends in May. While we expect Miran to advocate for lower interest rates, we believe he would not urge the Federal Open Market Committee to lower the federal funds rate if the data does not support rate cuts.”
Cryptocurrency Market Broadly Rises, BTC Returns to 117K
The cryptocurrency market rose by 3.12% in the past 24 hours. Bitcoin (BTC) returned to 117K, while Ethereum (ETH) briefly surged above 3,900 this morning. The altcoin quarterly index rose by 8.33% to 39; however, Bitcoin’s dominance remains high at 60.3%.
The U.S. Securities and Exchange Commission and Ripple have jointly agreed to drop their appeal in the Second Circuit Court case, ending one of the significant court cases for cryptocurrencies. XRP rose by 8.9% in the past 24 hours.
Trump is set to sign an executive order on Thursday allowing retirement plans like 401(k)s to include “alternative assets” such as cryptocurrencies, private equity, and real estate. This order could not only reshape the way retirement assets are allocated across the U.S. but also open new entry points for high-risk assets like Bitcoin.
At the same time, Stephen Miran, nominated to be a member of the Federal Reserve Board, is also seen as a supporter of the cryptocurrency industry. He has publicly expressed a positive view on digital assets, believing that cryptocurrencies can play an important role in the economy and financial system, and supports easing regulatory restrictions on the crypto industry to promote its development.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and their prices can be highly volatile, leading to potential loss of principal. Please assess the risks carefully.
