Bitcoin Rises to $116,000 After Trump Allows Crypto to Enter 401(k) Plans
Bitcoin prices rose to $116,570 on Friday morning, after US President Donald Trump signed an executive order paving the way for alternative assets, including crypto, to enter 401(k) retirement plans. This move is expected to increase capital inflows into the crypto market from Americans' vast retirement savings.
Altcoins also posted sharp gains, with Ether nearing its 2021 peak and XRP rallying amid positive developments in the Ripple vs. SEC lawsuit. Trump's order reinforces his pro-crypto stance, already evident in his support for digital asset regulation.
However, overall market sentiment remains cautious. Bitcoin is still trading below its intraday high and under profit-taking pressure following the July price surge. Concerns about the negative impact of Trump's new tariffs on the global economy are also making investors more selective about risk.
While the medium-term outlook appears positive thanks to this new policy, outflows from spot Bitcoin ETFs over the past four days indicate that market sentiment has not fully recovered. Investors are still awaiting further clarity before increasing their exposure to crypto assets. (ayu)
Source: Newsmaker.id