Crypto Markets Rebound Amid Executive Order Speculation
Major cryptocurrencies have seen significant gains following reports of President Trump’s potential executive order allowing digital assets to be included in 401(k) retirement accounts. Key altcoins led the rally.
Currently, Ethereum has climbed 7.3% to $3,856.26 (market cap: $465 billion), impacting positions and seeing $126 million in liquidation according to CoinGlass. Cardano rose 5.7%, Solana 4.9%, and XRP 4.1%.
Other notable gains were recorded across the market, including an 11% jump in Pudgy Penguins’ token and an increase of 10% in Dogecoin. According to Myriad Markets, there is a 30.5% chance Solana reaches a new high by year-end, an optimistic level considering its 41.3% gap from its January peak.
The executive order’s impact appears focused, affecting specific assets’ value propositions while leaving others like Bitcoin stagnant. Myriad Markets also notes solace in the fact that most of the top 100 cryptocurrencies are positive on the day.
As a result, the broader crypto market, according to CoinGecko, has increased by 2.9%. Approximately $8.7 trillion remains in 401(k) accounts, potentially creating inflows if the order materializes, according to the Investment Company Institute.
These positive market movements have come after earlier concerns related to President Trump reigniting a trade war and investigations by the U.S. Securities and Exchange Commission (SEC).
Further details on the order are expected shortly, pending a Bloomberg-reported source citing unnamed individuals. Historically, 401(k) accounts have been restricted to Bitcoin and Ethereum ETFs, with direct crypto holdings potentially on the horizon depending on regulatory approval and clarity.
