After Benham's exit, cryptocurrencies await Trump's selection of CFTC chairman - what are the risks?

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Trump is facing more and more challenges and opportunities in his promise to make the United States the global capital of cryptocurrency. A week has passed in 2025, and the volatility of the cryptocurrency market has also emerged. Investors are trying to adapt to Trump's future policy trends, and Trump's every step may affect the future direction of the market.

Trump's crypto promise: action is key

Trump's commitment to cryptocurrency is not an empty slogan. In fact, he has begun to take concrete actions to promote the United States to become the global capital of cryptocurrency. This includes an executive order to promote the strategic reserve of Bitcoin, with the aim of enabling the United States to become the world's leading reserve of Bitcoin in the future. At the same time, he is also promoting the clarification of Bitcoin regulation, especially committed to protecting the interests of ordinary buyers. To this end, he has begun to narrow down six potential candidates to fill the vacant leadership position of the Commodity Futures Trading Commission (CFTC) and further increase supervision of the crypto market.

However, whether these actions of Trump can successfully translate into tangible policy and market impacts remains a big question mark. Many people are concerned about how he can turn these promises from paper into reality and deal with the current sharp market fluctuations.

Sharp market fluctuations and Trump's decision-making

In 2025, market volatility increased significantly. In the past 24 hours alone, Bitcoin (BTC) long positions suffered about $89.3 million in liquidation, while the entire cryptocurrency market evaporated more than $380 million. Bitcoin fell from $102,000 to $91,000 in just a few days, showing the instability of the market. This sudden plunge, especially in the absence of obvious technical indicator warnings, caught many investors off guard and faced huge losses.

Trump's policy direction may have an impact on this volatility, especially when he clashes with the Federal Reserve on regulatory policies in the cryptocurrency market. Trump's supporters and investors expect him to inject more confidence into the market and possibly ease pressure on the cryptocurrency market by cutting interest rates.

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