$BTC Bitcoin rose on Friday, extending recent gains after U.S. President Donald Trump signed an order aimed at allowing more alternative assets, including crypto, to be used in 401(k) retirement accounts.
Altcoins logged much stronger gains, with Ether coming back in sight of 2021 peaks, while XRP rallied on the end of the long-running lawsuit between issuer Ripple and the U.S. Securities and Exchange Commission.
But gains still appeared skittish in the face of worsening global risk appetite, after Trump’s trade tariffs on major economies took effect. Bitcoin was also trading well below intraday highs.
The world’s biggest crypto rose 1.7% to $116,570.2 by 01:47 ET (05:47 GMT).
Bitcoin, crypto rallies on Trump alternative assets order
Trump’s order opens the way for alternative asset managers to grab a greater share in America’s massive retirement savings market. The order will also allow investors easier access to alternative assets in their defined contribution retirement plans.
Trump claimed that regulatory overreach and litigation risks had prevented retirees from clocking potentially higher returns on their investments. But critics warned that alternative asset investments were inherently riskier, making them less suitable for long-term stability.
Trump’s order is largely in line with his pro-crypto stance, which saw the passage of several crypto regulatory bills earlier this year.
The prospect of more capital flows boosted Bitcoin, helping the crypto break out of a $110,000 to $115,000 trading range seen since late-July
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