Crypto-friendly Trump adviser Hassett top pick for Fed chair: Report

The Federal Reserve is poised to end its multi-year balance-sheet reduction, a shift that is beginning to influence discussions around Bitcoin and the broader cryptocurrency market. This transition marks a significant change in monetary policy, with analysts drawing parallels to previous instances when Quantitative Tightening (QT) was halted.

Kevin Hassett has emerged as the leading candidate to replace Jerome Powell as the Federal Reserve Chair, gaining traction as President Donald Trump's preferred choice. This development comes as the administration accelerates its search for a successor ahead of a planned announcement around Christmas.

Kevin Hassett, a prominent economic adviser to former President Trump, is reportedly a leading candidate to succeed Jerome Powell as chair of the Federal Reserve, according to recent reports. This potential appointment underscores Hassett's influence within the Trump administration and his alignment with pro-cryptocurrency policies.

The Trump family-backed cryptocurrency firm WLFI has initiated nearly $8 million in token buybacks to counteract a significant decline in its token's market price, which currently sits 50% below its launch value. This move aims to reduce the circulating supply and stabilize the token's value amidst a challenging market environment.

Trump-backed World Liberty Financial (WLFI) executed a significant buyback of nearly $10 million in WLFI tokens within a six-hour window, a move aimed at bolstering investor confidence and stabilizing the token's market value. This buyback comes as WLFI's token price has been reported to linger approximately 50% below its launch price, prompting the company to take decisive action to counteract this decline.

U.S. Treasury Secretary Scott Bessent has highlighted the complexity of the Federal Reserve as a significant factor in the selection of its next chair. This statement underscores the importance of simplifying the central bank's operations in the context of ongoing economic challenges.

Bitcoin has found some relief as the odds of a Federal Reserve interest rate cut have surged, with recent market sentiment indicating a potential stabilization for the cryptocurrency. Analysts report that Bitcoin is climbing back towards $82,000, reflecting a decrease in selling pressure and increased optimism among investors.

Bitcoin's price surged to $88,000 following a positive call between former President Donald Trump and Chinese President Xi Jinping, which has significantly boosted market sentiment across both cryptocurrency and equity markets. This rise reflects a growing optimism among investors regarding potential economic stability and growth.