Bitcoin’s price jumped after U.S. President Donald Trump allowed 401(k) retirement plans to invest in cryptocurrencies.
This means people saving for retirement can now put some of their money into Bitcoin, something that wasn’t allowed before. 401(k) plans hold a huge amount of money, so even a small part going into Bitcoin could make a big difference.
After the announcement, Bitcoin’s price went above $117,000, and Ethereum also went up more than 5%, crossing $3,800.
Experts say this could bring more investors to the crypto market and make digital currencies more accepted in everyday finance.
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