Bitcoin, Ethereum, Others Rally after Trump Executive Order
Bitcoin, Ethereum, and other cryptocurrencies rallied as U.S. President Donald Trump’s executive orders boosted optimism. The world’s largest digital asset coin inched higher by 1.43% to $116,713 over the past 24 hours, according to CoinMarketCap.com.
On Thursday, President Trump signed an executive order opening up Americans’ 401(k) plans to private-equity funds, cryptocurrencies, and other alternative investments.
The news marks a sharp reversal from the US Department of Labor’s (DOL) aggressive stance just three years ago, when the agency issued an unprecedented warning urging retirement plan providers to “exercise extreme caution” before offering crypto in 401(k) plans.
The order unlocked a massive investment opportunity for the asset classes. The US 401(k) system holds roughly $12 trillion in assets, with $50 billion in fresh capital flowing every two weeks.
Traditionally, this money is funneled into stock and bond allocations through pre-set investment plans that most Americans rarely adjust. Now, crypto could be added to that mix.
The same day, the Securities and Exchange Commission said it was dropping its long-running case against blockchain company Ripple Labs, drawing a line on a legal battle that has dragged on for years.
XRP, the token used to settle and facilitate transactions on Ripple’s digital-payments platform, jumped 11% over the past 24 hours, per data from the crypto exchange Kraken.
Ethereum surged by 3.60% to $3,906 as bargain hunting increased on the second-largest crypto asset. XRP has surged by 10.04% to $3.23, and Solana was up 3.4% over the past 24 hours.
At the time of writing, Dogecoin is trading around $0.21, up almost 4% over the last 24 hours.
Yields on benchmark 10-year German government bonds, or Bunds, are likely to stay calm on Friday, following Thursday’s volatility after the Bank of England voted narrowly for an interest-rate cut, Commerzbank Research strategists say in a note. # Bitcoin, Ethereum, Others Rally after Trump Executive Order#
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