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In the latest developments, the cryptocurrency markets surged within the last 24 hours, with the CoinDesk 20 index experiencing a notable rise of 5.3% spurred by new U.S. policy signals. Bitcoin (BTC) increased modestly by 1.3%, trading at around $116,500.
Executive Order by President Trump
The upswing in the market followed President Donald Trump’s recent executive order that expands 401(k) retirement plan investments to include various assets such as cryptocurrencies. This legislative move is poised to unlock approximately $8.7 trillion of assets for retirement funds, as highlighted by James Butterfill of CoinShares, stating, “This move effectively opens access to bitcoin and other cryptocurrencies for retirement investors.”
Further underscoring the significance of this order, Jake Ostrovskis, an OTC trader from Wintermute, asserted that even a simple 2% allocation to Bitcoin and Ethereum could potentially outpace total ETF inflows to date.
As for market reactions, Ethereum (ETH) recorded a remarkable 4.6% increase over a similar period, positioning itself near a trading price of $3,900.
Market Summary:
- BTC is trading at $116,701.75, down 0.43%.
- ETH is slightly up by 0.68% at $3,900.02.
- The CoinDesk 20 index increased to 4,046.33.
It appears that the positive influence of Trump’s announcement has revitalized the crypto landscape amidst declining trends in traditional financial indexes like the S&P 500, which has recently shown volatility after a slight drop.
Stay tuned for more updates in upcoming sessions.