Bitcoin News Today: Bitcoin Surges Past $118,000 as Trump Adviser Resigns Amid Policy Uncertainty

The cryptocurrency market has experienced renewed volatility as Bitcoin surges above $118,000 and Ethereum stabilizes near $4,200, following recent highs. In a notable political development, Bo Hines, the White House crypto adviser to President Donald Trump, announced his resignation on August 9, 2025, triggering uncertainty over the direction of U.S. digital asset policy. His exit from the Council of Advisers on Digital Assets raises questions about the continuity of regulatory initiatives, including the council’s efforts to establish a strategic Bitcoin reserve [1].

Bitcoin's price rebound came after a brief dip to $112,600 earlier in the week. The recovery indicates increased buying interest near key support levels, with analysts noting that the next significant resistance sits at $120,000. A successful breakout could signal a broader bullish trend for the asset class [2]. Ethereum, meanwhile, briefly surpassed the $4,300 level before retreating to around $4,200. Market participants are watching closely to see whether the $4,000 level holds as a critical support. A sustained bounce from this level could push the price toward $5,000 [3].

Hines, who led the administration’s cryptocurrency working group, was instrumental in outlining a pro-business regulatory framework and urging the SEC to draft sector-specific rules. Despite his departure, Hines will remain a special government employee, offering strategic advice on AI and digital asset initiatives. His successor, Patrick Witt, the council’s deputy director, is expected to assume an acting leadership role, though the pace of policy implementation remains uncertain [1].

Market developments have also been shaped by regulatory actions, including an executive order that allows 401(k) retirement plans to include crypto assets. This marks a significant step toward mainstream financial integration and signals a growing acceptance of digital currencies in institutional finance [2]. Institutional interest in the space continues to rise, with World Liberty Financial reportedly exploring a $1.5 billion public listing for its tokens. The potential IPO highlights the increasing legitimacy of crypto as an investment class [4].

The broader market environment remains cautiously optimistic, with major cryptocurrencies holding above key support levels. However, macroeconomic conditions and policy shifts could introduce volatility in the near term. Traders are advised to remain attentive to both price movements and regulatory developments as they navigate the evolving landscape [5].

Sources:

[1] Mitrade, [https://www.mitrade.com/insights/news/live-news/article-3-1026586-20250810](https://www.mitrade.com/insights/news/live-news/article-3-1026586-20250810)

[2] Cointelegraph, [https://cointelegraph.com/news/what-happened-in-crypto-today](https://cointelegraph.com/news/what-happened-in-crypto-today)

[3] The Block, [https://www.theblock.co/](https://www.theblock.co/)

[4] Reuters, [https://www.reuters.com/business/finance/before-intel-which-ceos-drew-trumps-ire-2025-08-08/](https://www.reuters.com/business/finance/before-intel-which-ceos-drew-trumps-ire-2025-08-08/)

[5] CoinGlass, [https://www.coinglass.com/newsflash](https://www.coinglass.com/newsflash)