Gate Daily (January 9): Trump has decided on the Federal Reserve Chair candidate; JPMorgan Chase plans to expand JPM Coin into interoperable digital currencies.

Bitcoin (BTC) short-term rebound, currently around $91,250 as of January 9. US President Trump has announced he has decided on the Federal Reserve Chair candidate, with Kevin Waugh emerging as a market favorite. JPMorgan plans to expand its JPM Coin deposit token to multiple blockchain networks, establishing an “interoperable digital currency.”

Macro Events & Crypto Hotspots

1. US President Trump gave an interview to The New York Times, stating he has decided whom to nominate as the next Federal Reserve Chair but did not disclose the name. “I have a decision in mind, but I haven’t spoken to anyone yet.” When asked about his Chief Economic Advisor Hasset, Trump said, “I don’t want to say,” but he called Hasset “absolutely one of my favorites.” Regardless of who Trump chooses, the next Fed Chair will take over an institution at a critical moment, amid unprecedented pressure from the President to significantly lower interest rates. Market prediction platform Kalshi shows a 41% chance of Kevin Waugh becoming Fed Chair, 39% for Kevin Hasset, and 12% for Christopher Waller.

2. JPMorgan expands its blockchain ambitions and plans to build an “interoperable digital currency.” JPMorgan intends to extend its JPM Coin deposit token across multiple blockchain networks, including the privacy-focused Canton Network. The bank aims to create a regulated, interoperable digital currency system for near-instant institutional payments. JPM Coin, representing US dollar deposits, is currently available to institutional clients on Ethereum Layer 2 infrastructure.

News Highlights

1. Truebit experiences a security breach, with over 8,500 ETH stolen.

2. Wall Street and the crypto community are privately making progress on the Market Structure Bill.

3. Trump states he has decided on the Fed Chair candidate.

4. Trump confirms he will not pardon SBF.

5. Grayscale BNB ETF completes registration in Delaware.

6. “MicroStrategy’s counterparty” long positions exceed $200 million.

7. Morgan Stanley plans to launch a digital wallet this year to support tokenized assets.

8. JPMorgan: Recent crypto market sell-offs may be nearing an end.

9. Trader Eugene: SOL performs best among the three major cryptocurrencies and is re-entering positions.

10. US initial jobless claims for the week ending January 3 total 208,000, versus an expected 210,000.

Market Trends

1. Latest Bitcoin news: $BTC short-term rebound, currently around $91,250, with $124 million in liquidations over the past 24 hours, mostly long positions.

2. US stock market closed on January 8 with mixed results. After Trump expressed hope for a significant increase in government defense spending, defense stocks surged, while tech giants like NVIDIA declined. Dow Jones Industrial Average rose 270.03 points or 0.55%, closing at 49,266.11; S&P 500 increased by 0.53 points or 0.01%, closing at 6,921.46; Nasdaq Composite fell 104.26 points or 0.44%, closing at 23,480.02; Philadelphia Semiconductor Index dropped 138.77 points or 1.83%, closing at 7,436.10.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with current price at 91,295.00 USDT, if price drops to around 89,315 USD, total long liquidation exceeds $371 million; if it rises to around 92,107 USD, total short liquidation exceeds $505 million. Short positions are significantly larger than longs; it is advised to control leverage ratios carefully to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $2.06 billion, outflow $2.12 billion, net outflow $0.06 billion.

(Source: Coinglass)

5. In the past 24 hours, contracts for $CLO, $GUN, $SOL, $DOT, $WLFI have led net outflows, presenting trading opportunities.

KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Recent operations have been difficult to execute, and market sentiment remains mildly volatile. The situation with Venezuela is progressing similarly to market expectations. The US has started communication with Venezuela regarding oil imports. If successful, this could help lower oil prices and reduce US inflation. I personally think the focus this week is still on Friday’s two days.”

“Both events on Friday are very important. One is the release of non-farm payroll data. Currently, both good and bad unemployment data are considered positive; higher unemployment could increase expectations for Fed rate cuts, while lower unemployment indicates the US economy remains optimistic. However, a rate hike in January is unlikely, with more adjustments after March likely being a game between Trump and the Fed, not before January.”

“Another more important event is the possible Supreme Court ruling on Trump’s tariffs tomorrow. If deemed illegal, it would be positive for US inflation easing and could support Fed rate cuts. But for Trump and his administration, it might be uncomfortable and could hurt his approval ratings.”

“Looking at Bitcoin data, the $90,000 level seems to be broken. Yesterday, even after falling below $90,000, BTC recovered above that level amid a decline in US stocks, showing a different trend from equities. It’s still early to draw conclusions; we need to see how the market reacts after Friday’s non-farm data and Trump’s tariff ruling. Staying above $90,000 would be good.”

“The structure of holdings is still changing. Investors around $87,000 are still participating in rebalancing. The current stability period is short; a solid bottom formation has not yet occurred. Interestingly, investors near $90,000 are more stable. Let’s wait until after tomorrow.”

Today’s Preview

1. China December trade balance (billion USD), previous value: 111.68

2. China December trade balance (billion RMB), previous value: 792.57

3. Germany November seasonally adjusted trade balance (billion EUR), previous value: 17.3

4. Eurozone November retail sales (month-over-month), previous value: 0.0%

5. US December seasonally adjusted non-farm payroll change (thousand), previous value: 64

6. US December unemployment rate, previous value: 4.6%

7. US University of Michigan Consumer Sentiment Index preliminary (index), previous value: 52.9

8. US President Trump holds a meeting with US oil executives to discuss Venezuela oil extraction issues.

9. US “Tech Spring Festival” 2026 Consumer Electronics Show (CES) held in Las Vegas.

10. Minneapolis Fed President Kashkari delivers a welcome speech and participates in an informal discussion at an online conference hosted by the Fed.