Bitcoin Reclaims $117K as Executive Order and Fed Nomination Fuel Rally

Bitcoin surged back above the $117,000 mark Thursday, buoyed by fresh policy developments out of Washington that reignited bullish momentum in the broader crypto market.

After briefly dipping below $112,000 earlier in the week, BTC climbed to $117,500 late in the U.S. trading session, regaining levels it had maintained through much of July. The rebound followed two major catalysts: a newly signed executive order on retirement investment options and a key Federal Reserve nomination by President Trump.

Crypto Gains 401(k) Access Through Executive Order

Markets initially rallied overnight on confirmation that President Trump had signed an executive order enabling cryptocurrencies to be included as eligible assets in 401(k) retirement plans. The move marks a significant shift in institutional access and could open the door for wider adoption of digital assets in long-term investment portfolios.

Miran Nomination Signals Policy Continuity at Fed

Further fueling the late-session rally was the nomination of Stephen Miran to the Federal Reserve Board of Governors. Miran, currently serving as chairman of the White House Council of Economic Advisers, is seen as aligned with the administration’s dovish stance on interest rates. He would replace outgoing Governor Andrea Kluger.

Market participants interpreted the nomination as supportive of further rate easing, particularly in light of recent economic data. A string of weak indicators — including soft job numbers and a lackluster ISM Services report — has strengthened expectations for a rate cut in September.

According to CME’s FedWatch Tool, the probability of a rate reduction at the Fed’s next meeting has soared to 95%, up from just 38% a week ago.

Jackson Hole in Focus

Investors are now looking ahead to the Federal Reserve’s annual Jackson Hole Economic Symposium in two weeks, where Fed Chair Jerome Powell is expected to deliver a closely watched keynote. The event has historically served as a platform for signaling major policy shifts.

Market Snapshot

Bitcoin (BTC) rose 2% over the past 24 hours to trade around $117,500. Ether (ETH) outperformed with a 5% gain to $3,867, while XRP climbed 3.4% to $3.10.

In traditional markets, gold advanced 1% to $3,468 per ounce. The U.S. dollar edged lower, and equities closed mixed, reflecting cautious optimism amid shifting monetary policy expectations.