Dollar Faces Weekly Decline on Fed Speculation and BOE’s Cautious Rate Cut

Economic

Forex

Summary:

The US dollar weakened on Friday, heading for a weekly loss as markets anticipated a dovish tilt at the Federal Reserve following Donald Trump’s interim Fed appointment......

Fed Appointment Fuels Expectations of Policy Shift

The dollar’s retreat this week has been shaped by political and monetary developments in the United States. President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to fill a vacant Federal Reserve governor seat following Adriana Kugler’s resignation. While market consensus suggests Miran favors lower interest rates, analysts believe he will still be guided by data rather than push for cuts without economic justification.

Nevertheless, his appointment has reinforced investor expectations that Trump may choose a more dovish successor to Fed Chair Jerome Powell, whose term ends in May 2026. Bloomberg reported that Fed Governor Christopher Waller is emerging as a leading candidate. This speculation has amplified market bets on rate cuts, with futures pricing in a 93% chance of easing in September and at least two reductions before year-end.

Causal Link Between Economic Data and Rate Cut Pricing

Softening US economic indicators, particularly in the labor market, have added weight to the case for policy easing. Adam Grotzinger of Neuberger Berman forecasts four consecutive cuts totaling 100 basis points from late 2025 into early 2026, citing likely weaker Q3 economic prints. The dollar index fell to 98.04 in early Friday trading, down 0.7% for the week, reflecting these expectations.

The pound held at $1.3439, set for its best weekly performance since late June, after the Bank of England cut interest rates by 25 basis points in a narrowly split 5–4 vote. The close decision highlighted that inflation remains a key concern, suggesting that the BOE’s easing cycle will be cautious. Goldman Sachs described the move as one of the “most hawkish versions” of a rate cut possible, implying that further reductions may be gradual.

Euro Steady on Geopolitical Developments

The euro traded near a two-week high, supported by news of an upcoming summit between Trump and Russian President Vladimir Putin—the first since June 2021. The prospect of US-Russia talks on ending the Ukraine war injected a geopolitical dimension into FX sentiment, with ANZ analysts noting that diplomacy headlines could dominate currency market drivers into the weekend.

The yen held at 147.07 per dollar, showing little movement despite shifts in US yields. Benchmark 10-year Treasury yields edged higher to 4.2461% after a week of weak demand in long-term bond auctions, suggesting some resistance to aggressive rate cut expectations.

The dollar’s downward trajectory this week reflects a blend of domestic political appointments, softer US economic momentum, and market positioning for a more accommodative Fed in the months ahead. While the BOE’s measured easing buoyed sterling and the euro benefited from geopolitical optimism, the overall FX landscape remains sensitive to both central bank signals and upcoming diplomatic developments. A conclusive policy direction from the Fed’s September meeting will be pivotal in determining whether the dollar’s weakness extends into Q4 2025.

Source: Reuters

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Gerik

Economic

Japanese Markets Surge Amid Positive Earnings and Trade Developments

Japan’s equity markets delivered standout gains in Asia, with the Nikkei 225 climbing 2% and the Topix index breaking above the 3,000 mark for the first time. The rally was driven by robust corporate earnings reports and improved trade sentiment after US assurances that overlapping tariffs on Japanese goods would be adjusted to prevent double taxation.

High-profile corporate results amplified market momentum. SoftBank Group surged as much as 11% after returning to profit in Q1, while Sony gained 6%, extending the prior day’s advance on better-than-expected earnings. Honda also reported a more modest-than-feared tariff impact, in contrast to Toyota’s decision to cut its profit outlook.

Causal Link Between Fed Policy Signals and Global Risk Appetite

The Japanese rally unfolded against a broader backdrop of shifting US monetary policy expectations. Market sentiment has been buoyed by what analysts describe as a potential dovish pivot by the Federal Reserve. US President Donald Trump’s nomination of Stephen Miran for a vacant Fed board seat and reports that Governor Christopher Waller is a leading candidate to succeed Chair Jerome Powell reinforced speculation of a policy shift toward lower rates or more accommodative conditions. This perception has encouraged equity buying globally, particularly in markets benefiting from trade policy adjustments.

While Japan outperformed, the MSCI Asia-Pacific ex-Japan index fell 0.4%, weighed down by Hong Kong’s 0.6% drop and a 0.1% decline in China’s CSI 300. Australian shares also eased 0.2%. The losses followed a late-session fade on Wall Street that capped earlier gains, with the S&P 500 closing slightly lower despite approaching a one-week high earlier in the day.

The divergence highlights a correlation between region-specific catalysts and performance. In Japan, localized earnings strength and targeted US trade concessions fueled gains, while other markets lacked comparable drivers and remained sensitive to broader risk sentiment.

Macro Signals and Currency Moves Reflect Cautious Optimism

In the bond market, the US 10-year Treasury yield edged up to 4.2461% from 4.244% after weak demand at a 30-year bond auction. Currency markets were mixed: the yen weakened 0.1% to 147.27 per dollar, while the euro held steady at $1.1669. The dollar index gained 0.2% to 98.124.

Japanese household spending data rose 1.3% year-on-year in June, slower than expected, suggesting consumption growth remains moderate. This outcome may influence the Bank of Japan’s timing for its next rate hike, as it continues to assess wage trends and domestic demand conditions.

Commodities Show Stability Amid Equity Moves

Commodity prices were broadly stable, with Brent crude holding at $66.45 per barrel and US WTI futures at $63.81. Gold eased 0.4% to $3,391.16 per ounce, reflecting a slight pullback in safe-haven demand as equity sentiment improved in select markets.

Japan’s record-setting equity rally underscores how targeted earnings surprises and favorable trade policy signals can drive market divergence within the region. While global factors such as potential Fed policy shifts continue to shape risk appetite, country-specific developments like tariff relief commitments and corporate resilience are proving decisive in determining market leadership in Asia. Without similar catalysts, other regional markets may continue to lag despite broader monetary policy tailwinds.

Source: Reuters

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ING

Forex

Political

Economic

Australia: Weaker data should alter RBA's cautious stance, giving way to a rate cut

In a surprise move last month, the RBA held the cash rate steady at 3.85%, defying both market consensus and our own expectations. The decision reflected the central bank's desire for more evidence that inflation is tracking sustainably toward its 2.5% target. Since then, both the second-quarter inflation and June employment data undershot expectations. This suggests the RBA's cautious stance in July may give way to a rate cut.

China: Deflation returns as activity continues to moderate

China releases its July inflation data this Saturday. Consumer price index inflation is expected to teeter back into deflation at -0.1% year on year as downward pressures persist. Measures to tackle excessive price competition are unlikely to have an impact in the early going.

The July data dump is scheduled for Friday, showing that economic activity may have continued moderating. Housing prices saw an accelerated downturn in the last few months. With little fresh policy support, this weakness could continue into July. Industrial production comfortably beat forecasts in June, but it’s likely to have slowed to around 6.2% YoY. Retail sales have recovered year to date amid trade-in policies. But it’s possible we could be nearing the peak of policy impact. We expect retail sales to moderate to 4.6% YoY. Finally, fixed asset investment has been on the disappointing side, with private investment sidelined amid continued uncertainty. We expect growth could remain around 2.8% YoY ytd.

South Korea: Unemployment rate expected to decline

South Korea’s jobless rate is expected to decline to 2.5% in July from 2.6% in June. Despite weak hiring in the construction and manufacturing sectors, services related to leisure and eating out are expected to increase. Government cash handouts may have added some temporary jobs in services. Also, the government's job programme continues to support hiring in the social welfare and health sectors.

Japan: Modest GDP growth outlook

Japan’s second-quarter GDP release on Friday will be closely monitored. Following a slight contraction of 0.04% quarter-on-quarter, seasonally adjusted, in the first quarter, the economy is expected to recover modestly, producing an estimated 0.1% growth. Exports weakened considerably in the second quarter, and inventory changes are expected to have a negative impact on overall growth. Nevertheless, high-frequency data indicate a recovery in services and private consumption, supporting a moderate upturn in 2Q25. The odds of an October rate hike by the Bank of Japan are likely to be adjusted depending on the data.

Key events in Asia next week

Source: ING

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FastBull Featured

Daily News

[Quick Facts]

1. U.S. imposes 39% tariffs on Switzerland, Swiss Negotiations return empty-handed.

2. Israel warns UK: Recognition of Palestinian State could halt security cooperation.

3. Trump signs order paving the way for cryptocurrency and other assets in 401(k) Plans.

4. White House CEA Chair Miran nominated by Trump for Fed Governor.

5. Timiraos: Stephen Miran is a staunch supporter of Trump's economic agenda.

6. U.S. consumer inflation expectations rise in July, job market outlook improves.

7. Fed Governor Waller emerges as top contender to succeed Powell in Trump's eyes.

8. Bostic urges caution on tariff-driven inflation.

9. Bank of England cuts rates by 25bps to 4%, yet GBP/USD rises.

[News Details]

U.S. imposes 39% tariffs on Switzerland, Swiss Negotiations return empty-handed

On August 6th, Swiss Federal President Keller-Sutter concluded her visit to the U.S., revealing that Switzerland and the U.S. failed to reach an agreement on tariff issues. Reuters cited sources stating that during her visit, Keller-Sutter did not meet with Trump but only held talks with U.S. Secretary of State Rubio. Switzerland's proposed 10% tariff rate was rejected by the U.S. Negotiations between the two countries are expected to continue. The Swiss government announced on the 7th that it would hold an emergency meeting that afternoon to discuss countermeasures. On July 31st, U.S. President Trump announced tariff rates on imports from multiple trade partners, including a 39% rate on Switzerland, effective from August 7th.

Israel warns UK: Recognition of Palestinian State could halt security cooperation

According to The Times of the UK, diplomatic sources reported that the Israeli government is evaluating the withdrawal of intelligence and defense collaboration with the UK if Britain moves forward with recognizing a Palestinian state next month. An Israeli official warned that the UK and other countries considering recognition should carefully weigh the potential consequences of such a move. Another source noted that Netanyahu and his cabinet also hold leverage. Recent UK decisions are increasing pressure, and if Israel decides to retaliate, the UK could face significant losses. UK Prime Minister Starmer previously stated that if Israel does not allow more aid into Gaza, halts land annexation in the West Bank, agrees to a ceasefire, and accepts a long-term peace deal, the UK will recognize a Palestinian state next month.

Trump signs order paving the way for cryptocurrency and other assets in 401(k) Plans

President Trump on Thursday signed an executive order that could allow millions of Americans saving for retirement through 401(k) accounts to invest in higher-risk private equity and cryptocurrency assets- a major victory for industries seeking access to these roughly $12.5 trillion retirement accounts. The White House stated that Trump signed the order on Thursday, directing the Labor Department to reassess within six months the guidelines for alternative asset investments in pension plans governed by the 'Employee Retirement Income Security Act of 1974'. The Labor Department will also clarify the government’s stance on fiduciary responsibilities related to asset allocation funds holding alternative assets. Trump further instructed Labor Secretary Lori Chavez-DeRemer to collaborate with counterparts at the Treasury, SEC, and other federal regulators to determine whether rule changes are needed to facilitate this effort. The president also directed the SEC to ease the inclusion of alternative assets in self-directed retirement plans. This marks the Trump administration's most significant move yet to incorporate such assets into defined-contribution accounts.

White House CEA Chair Miran nominated by Trump for Fed Governor

Miran has been critical of the Federal Reserve's past performance in recent years. In a March 2024 paper co-authored with Dan Katz, now at the U.S. Treasury, Miran proposed a 24-page reform plan for the Fed. The paper argued that the Fed's policy missteps stemmed from groupthink and criticized the central bank for overstepping into political issues beyond its mandate. "The Federal Reserve’s record in recent years raises questions about whether it has been operating in line with the best practices of central bank independence," Miran and Katz wrote. They also advocated for a complete separation of the Fed's monetary policy and bank supervision functions, suggesting the removal of the Board of Governors' regulatory authority over banks. They argued this reform would avoid unnecessarily polluting monetary policy decisions.

Timiraos: Stephen Miran is a staunch supporter of Trump's economic agenda

Nick Timiraos noted in his latest article that Stephen Miran, Trump's nominee for Federal Reserve governor, has long been a staunch supporter of the former president's economic agenda. Miran also strongly criticized the Fed's decision to cut interest rates last year. In a previous paper, he criticized the revolving door between the Fed and the executive branch (where officials frequently move between government, regulatory agencies, and the private sector). He proposed severing this revolving door, arguing that it is crucial to reduce incentives for officials to act in the short-term political interests of the president. Citing the current system's failure to ensure the Fed's political neutrality, he called for comprehensive legislative reforms to the Fed's governance structure. Specific proposals include allowing the president to remove Fed governors for any reason and imposing a four-year ban on Fed officials taking positions in the executive branch.

U.S. consumer inflation expectations rise in July, job market outlook improves

A New York Fed survey released Thursday showed that one-year inflation expectations edged up to 3.1% in July from 3% in June. Three-year inflation expectations held steady at 3%, while five-year expectations rose to 2.9%, the highest since February.

The uptick in inflation expectations could strengthen the case for Fed officials who prefer to hold rates steady for now. While the central bank keeps rates unchanged this year, growing numbers of investors are betting on a rate cut at the Fed's next policy meeting in September.

The survey also found that more households reported difficulty accessing credit, with a slight increase in those who believe they may miss minimum debt payments in the next three months. However, the share of households expecting their financial situation to improve over the next year rose for a second straight month, while those who said they were worse off than a year ago dropped to the lowest level since January 2022.

Fed Governor Waller emerges as top contender to succeed Powell in Trump's eyes

Trump’s advisers are scouting for a potential successor to Fed Chair Jerome Powell, and Governor Christopher Waller is emerging as the leading candidate, according to people familiar with the matter. Sources say Trump's team is impressed by Waller's willingness to act on forecasts rather than current data and his deep understanding of the Federal Reserve system. Waller has discussed the role with Trump's advisers but has yet to meet the president himself. Other contenders include former Fed official Kevin Warsh and National Economic Council Director Kevin Hassett.

Bostic urges caution on tariff-driven inflation

Atlanta Fed President Raphael Bostic said in a speech Thursday that the key question is whether tariffs will lead to a one-time price increase, as textbook models suggest, or whether prolonged tariff implementation could fuel more persistent inflation. "Does the textbook model fit today's environment?" Bostic said. Considering compelling reasons to be somewhat skeptical, he believed a drawn-out tariff process increases the likelihood of more lasting inflationary effects.

Bank of England cuts rates by 25bps to 4%, yet GBP/USD rises

On August 7th, the Bank of England's Monetary Policy Committee (MPC) voted 5-4 to cut its benchmark rate by 25 basis points to 4%, marking its fifth rate cut since August 2024, in line with market expectations.

The decision followed two rounds of voting, a first in the MPC’s history since its 1997 inception, highlighting deep divisions among policymakers. In the first round, the vote was split 4-4-1, with external member Alan Taylor pushing for a 50bps cut, while four members, including Deputy Governor for Monetary Policy Clare Lombardelli and Chief Economist Huw Pill, favored holding rates at 4.25%. Taylor ultimately joined the majority in supporting a 25bps cut.

The BoE also raised its inflation forecast, now expecting CPI to hit 4% in September 2025 (up from 3.8%), driven by global food price increases (due to weather-affected commodities like beef, coffee, and cocoa), rising labor costs, and new packaging regulations.

The Bank of England is poised to cut interest rates as it grapples with slowing economic growth and lingering inflation. UK GDP growth is projected to slow to 0.3% in Q3 2025 (from 0.7% in Q1), while the unemployment rate rose to 4.7% in the three months to May, the highest since June 2021, with job vacancies falling to pre-pandemic levels. Chancellor Rachel Reeves' employer tax hikes and Trump's trade war have further dampened economic activity, with the BoE estimating U.S. tariffs could shave 0.2% off UK growth.

The BoE reiterated that further rate cuts would be "gradual and careful", noting that this move has already reduced monetary policy restrictiveness. Governor Andrew Bailey stressed that while rates are on a downward path, uncertainty about the future trajectory has increased. MPC minutes indicated that medium-term inflation risks have risen slightly since May, warranting caution.

While the decision aligned with expectations of quarterly rate cuts, the split vote and higher inflation forecasts raised doubts about the sustainability of further easing, explaining why GBP/USD surged after the announcement.

[Today's Focus]

UTC+8 19:15 BoE Chief Economist Pill Speaks

UTC+8 20:30 Canada July Employment Data

UTC+8 22:20 St. Louis Fed President Musalem Delivers Speech

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Samantha Luan

Economic

Forex

The worst may be over for Asia’s central banks that have ramped up efforts defending local currencies after a resurgent dollar and fresh US tariffs fueled pressure across the region.A gauge of Asian currencies is heading for its best week since June as soft US jobs sparked renewed bets on Federal Reserve interest-rate cuts. The dollar-negative story is now “back in play” amid signs of a slowing economy, according to UBS Group AG.The shift offers a welcome reprieve for policymakers who were compelled to return to their interventionist playbook after President Donald Trump announced new import duties, sparking sharp declines in regional currencies. With Bloomberg’s US dollar gauge poised for a weekly drop, investors may still be underpricing the impact of soft economic data and a more dovish Fed outlook.

Intervention was likely “more of a one-off,” said Alex Loo, a macro strategist at Toronto-Dominion Bank in Singapore. “Weaker US activity data in the coming weeks may embolden US dollar bears to re-engage and should ease the pressure off Asian central banks to defend the recent bounce in dollar-Asia pairs.”Traders remain on edge, however, after Trump doubled tariffs on India to 50% through a so-called secondary duty, citing its purchases of Russian oil. Rising crude prices and renewed supply chain disruptions may stoke cost pressures across the region and convince some central banks to delay rate cuts or step back into currency markets to stabilize exchange rates.

“Right now everybody is just anxious about when the next shoe is going to drop,” with intervention likely just to stabilize markets, said Mingze Wu, a currency trader at StoneX in Singapore. “Once Trump settles down, central banks will be more relaxed as well.”The dollar’s recovery toward the end of July pressured Asian currencies to multi-month lows, complicating efforts by regional central banks to maintain stability. As investors moved into safer US assets, the prospect of capital outflows worried policymakers from India to Indonesia, raising the risk of inflation and market volatility.

Bank Indonesia intervened to stabilize the rupiah, while Hong Kong’s de-facto central bank resumed buying local dollars to defend its currency peg. India’s central bank held rates steady on Wednesday, days after state banks were seen supporting the rupee. The Philippine central bank also pledged stronger intervention during bouts of peso weakness to control inflation.With money markets now pricing in a likely US rate cut next month and Trump tapping monetary policy “dove” Stephen Miran for a Fed governor seat, the dollar may ease and offer regional currencies some breathing room.

“We don’t think these disparate decisions or messages from the Reserve Bank of India, BI and Bangko Sentral ng Pilipinas signal a region-wide shift to currency defence,” said Homin Lee, a senior macro strategist at Lombard Odier in Singapore. “A major surge in the dollar could prompt more frequent interventions, but that is not our base-case scenario.”

Source: Bloomberg Europe

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Oliver Scott

New import tariffs the US has imposed on a range of trading partners have taken effect, and President Donald Trump is threatening more tariffs could be on the way.

The latest tariffs, which were set at rates of 10-50pc, came into force at 12:01am ET (04:01 GMT) on Thursday.

"BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA," Trump said on his social media platform shortly before the new tariffs kicked in.

Trump said on Thursday it was up to Russian president Vladimir Putin whether there would be additional tariffs. Last month, Trump said that if Russia failed to make progress on a ceasefire deal with Ukraine by Friay he would put "secondary" tariffs on countries purchasing Russian oil. Trump has already imposed an additional 25pc tariff on imports from India in response to its purchases of Russian oil, and threatened additional secondary tariffs.

"We're going to see what he has to say," Trump said of Putin. "It's going to be up to him. Very disappointed."

The higher tariff rate on India, which is due to take effect on 27 August, would double the tariff on goods imported from India to 50pc. US tariffs on China are currently set at a baseline of 30pc, but they could rise to 54pc on 12 August if the two countries fail to agree on an extension to a temporary trade truce.

Trump also said on Wednesday that he would impose a 100pc tariff on imports of chips and semiconductors, with exceptions for companies that are building or have committed to build production facilities in the US.

New US tariff rates and effective dates
	Rate	Date

UK	10%	5 Apr
EU	15%	7 Aug
Japan	15%	7 Aug
South Korea	15%	7 Aug
Indonesia	19%	7 Aug
Vietnam	20%	7 Aug
India	25%	7 Aug
Mexico	25%	30 Oct
Canada	35%	1 Aug
China	54%	12 Aug
Brazil	50%	7 Aug
Afghanistan	15%	7 Aug
Algeria	30%	7 Aug
Angola	15%	7 Aug
Bangladesh	20%	7 Aug
Bolivia	15%	7 Aug
Bosnia and Herzegovina	30%	7 Aug
Botswana	15%	7 Aug
Brunei	25%	7 Aug
Cambodia	19%	7 Aug
Cameroon	15%	7 Aug
Chad	15%	7 Aug
Costa Rica	15%	7 Aug
Côte d`Ivoire	15%	7 Aug
Democratic Republic of the Congo	15%	7 Aug
Ecuador	15%	7 Aug
Equatorial Guinea	15%	7 Aug
Falkland Islands	10%	7 Aug
Fiji	15%	7 Aug
Ghana	15%	7 Aug
Guyana	15%	7 Aug
Iceland	15%	7 Aug
Iraq	35%	7 Aug
Israel	15%	7 Aug
Jordan	15%	7 Aug
Kazakhstan	25%	7 Aug
Laos	40%	7 Aug
Lesotho	15%	7 Aug
Libya	30%	7 Aug
Liechtenstein	15%	7 Aug
Madagascar	15%	7 Aug
Malawi	15%	7 Aug
Malaysia	19%	7 Aug
Mauritius	15%	7 Aug
Moldova	25%	7 Aug
Mozambique	15%	7 Aug
Myanmar (Burma)	40%	7 Aug
Namibia	15%	7 Aug
Nauru	15%	7 Aug
New Zealand	15%	7 Aug
Nicaragua	18%	7 Aug
Nigeria	15%	7 Aug
North Macedonia	15%	7 Aug
Norway	15%	7 Aug
Pakistan	19%	7 Aug
Papua New Guinea	15%	7 Aug
Philippines	19%	7 Aug
Serbia	35%	7 Aug
South Africa	30%	7 Aug
Sri Lanka	20%	7 Aug
Switzerland	39%	7 Aug
Syria	41%	7 Aug
Taiwan	20%	7 Aug
Thailand	19%	7 Aug
Trinidad and Tobago	15%	7 Aug
Tunisia	25%	7 Aug
Turkey	15%	7 Aug
Uganda	15%	7 Aug
Vanuatu	15%	7 Aug
Venezuela	15%	7 Aug
Zambia	15%	7 Aug
Zimbabwe	15%	7 Aug

Source: Argus Media

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Samantha Luan

Cryptocurrency

Economic

Political

Key Points:

● Nominating Stephen Miran to the Federal Reserve Board, Trump highlights a pro-crypto agenda.

● Miran seeks streamlined cryptocurrency regulation.

● No direct market changes reported with this nomination.

US President Donald Trump has nominated Stephen Miran, a pro-cryptocurrency economist, to the Federal Reserve Board of Governors, replacing Adriana Kugler, on August 7, 2025.Miran’s nomination, amidst Trump's dispute with Chair Powell, could influence Fed policies and potentially impact cryptocurrency regulatory discussions.

Stephen Miran: A Pro-Crypto Voice for the Federal Reserve

President Trump's nomination of Stephen Miran aims to fill the vacant seat left by Adriana Kugler on the Federal Reserve Board of Governors. This move introduces a new voice, advocating for streamlined cryptocurrency regulation, into the board's dynamics. Stephen Miran's background spans roles at the US Treasury, Fidelity Investments, and Hudson Bay. This eclectic experience underpins his approach to potential financial policies.Expectations surrounding Miran's potential regulatory influence remain speculative, as no concrete plans have been articulated. Though Miran champions streamlined cryptocurrency regulation, official statements do not confirm direct changes expected for crypto markets.

Stephen Miran is an accomplished economist and has been instrumental in advising on economic policy and advancing a pro-growth agenda in his role as CEA Chair. I look forward to quickly considering his nomination in the Senate Banking Committee and hearing more about his plans to increase transparency and accountability at the Federal Reserve to ensure the agency prioritizes its mandate and avoids politics.

Bitcoin's Market Movements Amidst Regulatory Speculation

Did you know? During a past Fed board nomination, market debates increased, but they rarely impact digital assets directly without confirmed regulatory changes.Bitcoin (BTC) recently traded at $117,389.27, according to CoinMarketCap. The market cap sits at $2.34 trillion with a 60.19% dominance. Trading volume reached $65.30 billion over 24 hours, marking a 16.95% increase. BTC's value grew by 2.10% in a day and 7.79% over 30 days.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 00:07 UTC on August 8, 2025. Source: CoinMarketCap

Coincu analysis suggests that Miran’s experience may lead to potential financial outcomes like increased emphasis on stablecoin regulation, though the absence of new policies suggests limited immediate technological impacts in the crypto scene.