FameEX Morning Crypto News Recap | January 17, 2025

Trump's Treasury Pick Bessant Plans to Eliminate Debt Ceiling and Opposes CBDC

Trump's Treasury Secretary nominee, Benson, stated he would collaborate with Congress to raise the debt ceiling and prevent a U.S. debt default. He also reaffirmed his opposition to central bank digital currencies (CBDCs) if confirmed for the role.

Federal Reserve Board Member Waller:  Three to Four Rate Cuts This Year

On January 16, Federal Reserve Board member Waller indicated that if data supports it, there could be three to four rate cuts this year.

Trump Recently Holds Meetings with Founders of U.S. Crypto Projects

President-elect Trump is set to sign executive orders supporting the crypto industry, including establishing a Bitcoin reserve and ending "de-banking" policies. He plans to nominate pro-crypto officials for key positions and has met with crypto project founders, signaling openness to advancing cryptocurrency initiatives.

Bitcoin Sees Largest Increase of the Year, Short-Term "Sell the News" Expected, But Long-Term Bullish Outlook Remains

Bitcoin surged to its biggest increase since the New Year, surpassing $100,000 again, driven by the latest U.S. inflation data. The data fueled expectations for further Federal Reserve rate cuts, providing a boost to global markets, according to Bloomberg.

Positive Inflation Data and Policy Outlook Could Drive Bitcoin to New Heights

According to Matt Mena from 21Shares, December’s cooling CPI data improved market sentiment, removing the final macroeconomic barrier for Bitcoin to surpass $100,000. The CPI remained steady at 2.9%, with core CPI dropping to 3.2%, signaling a potential shift to a dovish Federal Reserve policy.

US and UK Pension Funds Boost Bitcoin Investments

The Financial Times reported that pension funds are seeking to invest in Bitcoin., pension funds in Wisconsin and Michigan have become significant holders of cryptocurrency funds.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.