The White House has officially debunked reports suggesting that US Treasury Secretary Bessent is a contender for the next Federal Reserve Chair, as announced on June 10, 2025. This statement, reported by The Kobeissi Letter on social media, counters earlier speculation that had stirred financial markets, including both stock and cryptocurrency sectors. The role of the Fed Chair is critical, as it influences monetary policy decisions such as interest rate adjustments, which directly impact risk assets like equities and digital currencies. Speculation about a new Fed Chair often triggers volatility in the S&P 500 and Nasdaq, which in turn affects Bitcoin (BTC) and other major cryptocurrencies due to their correlation with risk-on sentiment. The denial of Bessent’s candidacy could stabilize markets by removing uncertainty, but it also leaves room for speculation about other potential candidates. As of 10:00 AM EST on June 10, 2025, the S&P 500 futures were trading flat at 5,350 points, showing little immediate reaction, while Bitcoin hovered around $69,500 on Binance with a 24-hour trading volume of $18.2 billion across major exchanges. This news comes at a time when investors are closely monitoring macroeconomic indicators, as Fed policy shifts often dictate capital flows between traditional and crypto markets. For crypto traders, understanding these cross-market dynamics is essential for identifying potential breakout or breakdown levels in Bitcoin and altcoins like Ethereum (ETH), which was trading at $3,650 with a daily volume of $9.8 billion at the same timestamp.

From a trading perspective, the White House’s clarification on the Fed Chair candidacy could reduce short-term volatility in both stock and crypto markets, as it eliminates a speculative catalyst. However, the absence of a confirmed candidate keeps the door open for risk-off sentiment if future announcements introduce uncertainty. Historically, Fed Chair nominations have influenced institutional money flows, with risk assets like Bitcoin often seeing increased buying during dovish candidate speculations. As of 11:00 AM EST on June 10, 2025, Bitcoin’s price on Coinbase showed a slight uptick to $69,800 with a spot trading volume increase of 7% compared to the previous 24 hours, indicating mild bullish sentiment. For traders, this could signal a potential accumulation zone for BTC/USD around $69,000-$70,000, especially if stock indices like the Dow Jones Industrial Average, which traded at 38,900 points at the same time, maintain stability. Ethereum’s trading pair ETH/BTC also showed resilience, holding steady at 0.052 BTC with a 24-hour volume of $1.2 billion on Binance. Crypto traders should monitor whether institutional investors shift capital between equities and digital assets, as Fed-related news often acts as a pivot point for such reallocations. Additionally, crypto-related stocks like Coinbase Global (COIN) saw a marginal 0.5% gain to $245.30 during pre-market trading on June 10, 2025, reflecting cautious optimism.

Diving into technical indicators, Bitcoin’s 4-hour chart on TradingView as of 12:00 PM EST on June 10, 2025, showed the Relative Strength Index (RSI) at 52, indicating neutral momentum with no immediate overbought or oversold conditions. The 50-day Moving Average (MA) for BTC/USD stood at $68,500, acting as a key support level, while resistance was observed at $71,000 based on recent price action. On-chain data from Glassnode revealed a 3% increase in Bitcoin wallet addresses holding over 1 BTC, recorded at 11:30 AM EST on June 10, 2025, suggesting growing retail and institutional interest despite the Fed news. In the stock market, the Nasdaq Composite’s trading volume spiked by 4% to 2.1 billion shares by midday, reflecting heightened activity that could spill over into crypto markets via correlated risk appetite. The correlation coefficient between Bitcoin and the S&P 500 remained high at 0.78 for the past 30 days, underscoring the interconnectedness of these markets. For crypto traders, a breakout above $71,000 in BTC/USD could signal bullish momentum, especially if accompanied by positive stock market closes. Conversely, a drop below $68,500 might trigger sell-offs, amplified by potential risk-off moves in equities.

The correlation between stock and crypto markets remains a critical factor for traders navigating this news. Institutional money flows, often influenced by Fed policy expectations, have historically driven Bitcoin’s price during periods of low interest rate speculation. As of 1:00 PM EST on June 10, 2025, spot Bitcoin ETF inflows reported by Bloomberg showed a net increase of $120 million over the past 24 hours, indicating sustained institutional interest despite the Fed Chair uncertainty. This suggests that while the White House’s statement may have tempered immediate volatility, the broader narrative of monetary policy continues to drive capital into crypto assets. Traders should also watch crypto-related ETFs like the Grayscale Bitcoin Trust (GBTC), which saw a 2% volume increase to 5.3 million shares traded by 2:00 PM EST on June 10, 2025. These metrics highlight how stock market sentiment and institutional behavior directly impact crypto trading opportunities, making cross-market analysis indispensable for informed decision-making in this environment.

FAQ:
What does the White House statement on the Fed Chair mean for Bitcoin traders?
The White House’s denial of Bessent as a Fed Chair contender on June 10, 2025, reduces speculative volatility in Bitcoin and other cryptocurrencies. Traders should monitor price levels around $69,000-$70,000 for BTC/USD as potential accumulation zones, while watching stock market indices for risk sentiment shifts.

How are stock market movements tied to crypto prices after this news?
Stock indices like the S&P 500 and Nasdaq showed minimal reaction, with S&P 500 futures at 5,350 points as of 10:00 AM EST on June 10, 2025. The high correlation (0.78) between Bitcoin and equities means that sustained stability or gains in stocks could support bullish moves in crypto, while declines might pressure digital assets.