Crypto Market Gets a Boost: Trump's 401(k) Move Sparks Surge

The crypto world is buzzing with excitement as major coins like Ethereum, Solana, and XRP see a jump in value. This comes after news that President Trump might sign an order allowing crypto in 401(k) retirement accounts.

Key Highlights

• Ethereum has gone up by 7.3% in just one day, reaching a price of $3,856.26.

• This surge has led to $126 million in short positions being wiped out.

• Solana and XRP have also seen gains of 4.9% and 4.1% respectively.

• Experts now think there's a 30.5% chance Solana could hit a new high by the end of the year.

• The entire crypto market has seen a 2.9% increase, showing a rebound after some recent setbacks.

Potential Impact of Trump's Order

The positive trend comes amid reports that Trump is set to sign an executive order on Thursday.

• The order would allow for crypto and other alternative assets to be included in 401(k) accounts.
• Currently, 401(k) accounts hold about $8.7 trillion in assets.
• While crypto ETFs are already an option, this new move could open up direct investment in cryptocurrencies.
• The news has eased some concerns following Trump's recent trade war actions.

Top Performers in the Market

Among the top 100 cryptocurrencies:

• Pudgy Penguins’ PENGU token has seen the biggest jump, up by 13.1%.
• Ethena, a stablecoin protocol based on Ethereum, has also gained 12.2%, breaking into the top 40 by market cap.
• Most of the top 100 coins are in the green, with only two seeing significant losses.