Kevin Hassett Emerges as Leading Candidate for Fed Chair

Kevin Hassett, Director of the National Economic Council, emerges as the leading candidate for the Federal Reserve Chair position amid President Trump’s decision-making process.

Hassett’s potential appointment suggests a dovish tilt in monetary policy, boosting interest in risk assets, including cryptocurrencies, due to potential rate cuts he advocates.

Bitcoin and Crypto Markets Brace for Economic Shifts

Market observers predict a more dovish shift in policy if Hassett is appointed, potentially affecting various financial markets, including cryptocurrencies. The news has sparked discussions on investment strategies in anticipation of possible interest rate reductions impacting non-yielding assets.

Reactions from the financial community have been mixed. While some anticipate market benefits from lowered rates, others question the potential influences on Federal Reserve independence. In recent comments, Hassett expressed his view that rate cuts are warranted based on current economic data.

If I were the Fed Chair, I would cut rates now because the data says we should be doing it — Kevin Hassett, Director, National Economic Council (Fox News, Nov 20).

Market Data and Insights

Did you know? Historically, easier monetary policies tend to increase risk appetites and allocate more investment into alternate assets, potentially driving crypto market growth.

According to recent data from CoinMarketCap, Bitcoin (BTC) is trading at $86,463.42, with a market cap of $1.72 trillion. It holds a market dominance of 57.82%, despite a 24-hour decline of 2.51% and a 30-day drop of 23.87%. The trading volume over the past 24 hours stands at $64.42 billion, representing a 14.08% decrease.

The Coincu research team notes that a potential rate cut policy by a Hassett-led Fed could enhance liquidity, benefiting cryptocurrencies like Bitcoin and Ethereum.