Market Rallies as Trump Opens 401(k) Floodgates: Crypto Daybook Americas
Main Idea
Crypto markets rallied following President Trump's executive order allowing 401(k) retirement plans to include cryptocurrencies, while Ethereum transactions hit a record high due to SEC clarity on liquid staking models.
Key Points
1. President Trump signed an executive order opening 401(k) retirement plans to cryptocurrencies, leading to a market rally with the CoinDesk 20 index rising 5.3%.
2. A 2-3% allocation of 401(k) funds to Bitcoin and Ethereum could significantly exceed current ETF inflows, creating sustained demand.
3. Ethereum's average daily transactions reached a record high, supported by the SEC's clarification that certain liquid staking models are not securities.
4. Ether's price surged 4.6% to nearly $3,900, while traditional markets like the S&P 500 and Nasdaq showed mixed performance.
5. Investors are anticipating July's inflation report, which may influence the likelihood of a Fed rate cut in September.
Description
By Francisco Rodrigues (All times ET unless indicated otherwise) Crypto markets rallied in the past 24 hours, with the CoinDesk 20 (CD20) index rising 5.3% as fresh U.S. policy signals and regulatory clarity supported risk appetite across the sector. Bitcoin (BTC) gained a relatively muted 1.3% to $116,500. The rally took off after President Donald Trump signed an executive order opening 401(k) retirement plans to a broader range of investments, including cryptocurrencies . The order directs the...
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