Bitcoin rose on Monday, continuing a strong recovery since the end of last week as cryptocurrency markets welcomed President Donald Trump's order allowing pension funds to invest in this sector.
The second-largest cryptocurrency in the world, Ethereum, also rose after surpassing the $4,000 mark last week, remaining close to record highs reached during the bull market of 2021.
Wider cryptocurrency prices also rose and showed significant growth since the end of last week, especially after Trump's executive order.
Bitcoin rose by 3.4% to $122,084.1 by 09:00 Moscow time. The world's largest cryptocurrency is now one step away from the record high of mid-July, exceeding $123,000.
Prices for bitcoin and cryptocurrencies are rising due to positive regulation in the USA.
Bitcoin showed significant growth in the second half of last week after Trump signed an order directing regulators to allow savings and pension plans, such as 401(k)s, access to alternative assets and investments in private equity, including cryptocurrencies.
This step opens up a new source of institutional purchases for cryptocurrencies against the backdrop of growing institutional interest in cryptocurrencies.
Leading bitcoin exchange-traded funds in the USA recorded three days of strong capital inflow following Trump's order, coinciding with a sharp rise in bitcoin prices. However, much of the recent growth in the cryptocurrency occurred during a period of low liquidity over the weekend, raising some questions about the sustainability of current price levels.
Trump's order last week also followed a series of favorable regulatory measures for cryptocurrencies from his administration in recent months, the most notable of which was the passage of a bill to create a regulatory framework for stablecoins.
