FameEX Morning Crypto News Recap | January 17, 2025
2025-01-17 08:50:55Trump's Treasury Nominee Bessant Proposes Eliminating Debt Ceiling and Opposes CBDC
Trump's Treasury Secretary nominee, Benson, expressed intentions to work with Congress on raising the debt ceiling to prevent a U.S. debt default. He also reiterated his opposition to central bank digital currencies (CBDCs).
Federal Reserve's Waller: Three to Four Rate Cuts This Year
On January 16, Federal Reserve Board member Waller suggested that if data aligns, there might be three to four rate cuts this year.
Trump Holds Recent Meetings with Founders of U.S. Crypto Projects
President-elect Trump is preparing to sign executive orders to support the cryptocurrency sector, including creating a Bitcoin reserve and ending "de-banking" practices. He intends to appoint pro-crypto officials to important roles and has met with founders of crypto projects, indicating his commitment to fostering the industry's growth and innovation.
Bitcoin Posts Year’s Biggest Gain, Short-Term "Sell the News" Likely, But Long-Term Bullish Trend Persists
Bitcoin saw its largest increase since the New Year, breaking the $100,000 mark, driven by recent U.S. inflation data. This fueled expectations for additional Federal Reserve rate cuts, providing a boost to global markets, as reported by Bloomberg.
Favorable Inflation Data and Policy Expectations May Propel Bitcoin to New Record Highs
According to Matt Mena of 21Shares, December’s cooling CPI data improved market sentiment and removed the final macroeconomic barrier for Bitcoin to surpass $100,000. With the CPI steady at 2.9% and core CPI dropping to 3.2%, this signals a potential shift to a dovish Federal Reserve policy.
US and UK Pension Funds Ramp Up Bitcoin Investments
The Financial Times reported that pension funds are looking to invest in Bitcoin, with those in Wisconsin and Michigan becoming major holders of cryptocurrency funds.
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