India, Jan. 30 -- On Thursday, President Donald Trump announced that he will reveal his pick for the US Federal Reserve chairman, who will replace Jerome Powell when the latter's term ends in May, on Friday.

Though a name has not been confirmed, reports suggest that Kevin Warsh, the former Federal Reserve Governor, would be Trump's pick. Rumors that Warsh is the likely candidate picked up pace after CNN's Kaitlan Collins reported that Warsh had been spotted at the White House on Thursday afternoon.

The appointment of Warsh as the chair of the US Fed will come as positive news for investors in cryptocurrency, as he has generally spoken positively about it. Now, with the odds of Warsh replacing Powell in May rising, interest has spiked in...