US Market Sees Uptick as Trump Expands 401(k) Investment Options: Crypto Market Update

A significant development in the US has led to a surge in crypto markets, with the CoinDesk 20 index experiencing a 5.3% increase over the past 24 hours. This uptrend is attributed to President Trump's executive order, which allows 401(k) retirement plans to invest in a broader range of assets, including cryptocurrencies. Bitcoin saw a modest 1.3% gain, reaching $116,500. The move is expected to unlock $8.7 trillion in assets under management for retirement investors, with experts predicting sustained demand for digital assets. Meanwhile, Ethereum's price rose 4.6% to near $3,900, and the Ethereum blockchain achieved a new record for average daily transactions. The traditional financial market was more subdued, with the S&P 500 dropping and the Nasdaq closing 0.35% higher. Investors are now awaiting July's inflation report, which may impact the likelihood of a Federal Reserve interest-rate cut in September.