#Bitcoin rises due to Trump's new policy on retirement accounts, with gains suppressed by tariff sentiments
On Friday, Bitcoin continued its recent upward trend, as former US President Trump signed an order allowing alternative assets like cryptocurrencies to be included in 401(k) retirement accounts, opening up greater space for alternative asset investment in the retirement savings market. This policy aligns with Trump's previous support for cryptocurrencies, as he has pushed for several crypto regulatory bills to be implemented this year.
Buoyed by this news, Bitcoin broke through the $110,000 - $115,000 range it had been oscillating in since the end of July, rising 1.7% to $116,570.2 as of 1:47 PM Eastern Time (GMT 05:47). However, after Trump's trade tariffs on major economies took effect, global risk appetite cooled, limiting Bitcoin's gains, with trading prices well below intraday highs. Furthermore, spot Bitcoin ETFs saw outflows for four consecutive days, and the profit-taking pressure after the historical high in July kept buyers on the sidelines.
#Altcoins show strong rebound: Ethereum approaches historical highs, XRP surges due to lawsuit resolution
On Friday, altcoins significantly outperformed Bitcoin, making substantial gains from last week. #Ethereum rose 5.6% to $3,902.01, just a step away from the historical high of over $4,000 set in 2021. This surge is attributed to more companies incorporating Ethereum into their treasury, similar to MicroStrategy's strategy of accumulating Bitcoin, leading to a continued boost in market confidence.
#XRP performed even better, rising 10.5% to $3.3149, reaching a nearly three-week high. The main driver was the settlement of the long-standing lawsuit between issuer Ripple and the US SEC — previously, Trump appointed more pro-crypto officials to the SEC and partially transferred crypto regulatory authority to the Commodity Futures Trading Commission, with the market having anticipated the end of this legal battle, allowing the positive sentiment to materialize.
Additionally, #SOL rose 3%, Cardano (#ADA) increased 7.1%; among meme coins, #Dogecoin rose 7.1%, and $TRUMP gained 3.1%.
Cardano (#ADA) approaches $0.80: network activity + contract volume rises, bulls target $0.86
Cardano (ADA) continued to strengthen on Friday, stabilizing around $0.7953 at the time of writing, up 6.22% from Thursday, with open contracts increasing by 12% to $1.43 billion over the past 24 hours, indicating rising trader confidence.
On-chain data confirms demand growth: the number of unique active addresses over 24 hours rose from 29.6K to 30.9K, indicating increased network usage; the trading volume profit-loss ratio surged from 1.790 to 4.808, meaning more trades were completed above the last moving price level, reflecting increased token demand.
The derivatives market also released optimistic signals, with the weighted funding rate for open contracts rising from 0.0085% to 0.0107%, indicating a buyer-dominated market.
On the technical front, ADA broke through a descending channel on the 4-hour chart, firmly establishing support at $0.7854 (turning resistance into support), with bullish targets pointing towards the $0.8599 level tested on July 23. However, the RSI indicator remained flat at 69, close to the overbought zone, necessitating caution for short-term pullback risks.
If it falls below $0.7854, it may test the 100-period exponential moving average at $0.7589.