Hassan Maishera
TL;DR
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Bitcoin rallied to the $117k level on Thursday while Ether hit the $3,900 zone as the broader market rallied.
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President Trump has nominated Stephen Miran to join the Fed's Board of Governors.
Trump Nominates Miran, BTC, Others Rally
The cryptocurrency market has been bearish since the start of the week. However, it could be set to turn things around and end the week on a bullish note. This comes as Bitcoin, Ether, XRP, and other major cryptocurrencies recorded excellent gains over the last few hours.
Bitcoin added nearly 2% to its value in the last 24 hours, reclaiming the $117k level. It has slightly declined and now trades at $116,893 per coin. Meanwhile, Ether, the second-largest cryptocurrency by market cap, is up 6% during that period and briefly topped $3,900. If the market conditions continue, ETH could surpass the $4k psychological level for the first time in four years.
The positive performance comes after President Trump nominated Stephen Miran to replace the departing Andrea Kluger on the Federal Reserve's Board of Governors. In addition to that, President Trump signed a new order that allows cryptocurrency investments in 401(k) retirement plans.
The order allows for private equity investments and is set to increase the scope of what retirement plan providers can direct funds to. The increased adoption could catalyze crypto prices to soar higher while also integrating cryptos with the broader financial system.
