On August 7th, Beijing time, a significant piece of news came from the United States — President Trump will sign an executive order on Thursday allowing cryptocurrencies to enter 401(K) accounts!
MANUFACTURE
This executive order is not simple; it will instruct the Department of Labor to reassess the guidelines for alternative asset investments in retirement plans. This means that, in addition to traditional investment options, alternative assets like cryptocurrencies are expected to become a new option for retirement savings for the American public.
Once the news was announced, the cryptocurrency market immediately 'boomed', showing a rising trend. Bitcoin, as the 'leader' of cryptocurrencies, saw its price soar, breaking through $116,000 per coin, with an increase of over 2%.
Ethereum also did not back down, rising over 5%, with its price breaking through $3,800 per coin. Other cryptocurrencies similarly 'rose with the tide', with Solana, Dogecoin, Sui, and others all rising over 5%, creating a festive atmosphere in the market.
However, the cryptocurrency market has always been a mix of risks and opportunities. Data shows that in the past 24 hours, the market has been highly volatile, with over 90,000 people experiencing liquidation, totaling $261 million in liquidations. Among them, long positions were liquidated for $63.26 million, while short positions faced $200 million in liquidations, and many investors suffered heavy losses during this volatility.
In addition to the cryptocurrency market, US stocks related to Ethereum reserves also responded positively to the news, collectively strengthening before the market opened. BTCS rose over 12%, and both BMNR and SBET rose over 7%, showing strong upward momentum.
It is worth mentioning that 401(K) is a retirement savings plan offered by many employers in the United States, allowing employees to save and invest a portion of their salary in funds before taxes.
Analysts point out that the executive order signed by Trump will further accelerate the entry of cryptocurrencies into the mainstream investment market. Previously, the Trump administration had already revoked several enforcement actions against large digital asset trading platforms, and now this move has 'added fuel to the fire' for the development of cryptocurrencies.
