The details of the executive order have not been disclosed yet, but it is expected that the order will ease fiduciary restrictions that currently keep administrators of 401(k)s from offering cryptocurrencies as a possible option.
Bitcoin (BTC) traded higher in pre-market U.S. hours on Thursday, ahead of President Donald Trump’s expected signing of an executive order allowing crypto, private equity, and real estate investments in 401(k) retirement plans later in the day.
Bitcoin’s price climbed back over $116,000, having gained nearly 2% over the past 24 hours. Among altcoins, Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH) led the surge as the overall cryptocurrency market climbed 2.4% over the past day, reaching a market capitalization just shy of $3.9 trillion.
On Stocktwits, retail sentiment around Bitcoin inched higher but remained in ‘bearish’ territory. Bitcoin’s current price is 5.5% below its all-time high of over $122,000, seen last month.
The details of the executive order have not been disclosed yet; however, a Bloomberg report cited that the order would direct the Department of Labor to ease fiduciary restrictions that currently keep administrators of 401(k)s from offering cryptocurrencies as a possible option.
Riding the crypto market wave, Solana, Dogecoin, and Ethereum rebounded more than 5% over the past day, with the meme token registering the biggest hike. Dogecoin’s price climbed 5.7% to hit $0.212. Meanwhile, Solana’s price rose 5.5% to $173, and Ethereum’s price rose 5.3% to cross $3,800.
Ripple’s native token XRP (XRP) rose 4.5%, and Cardano’s ADA (ADA) gained around 5% in pre-market U.S. hours.
The crypto market’s recovery led to $256 million in liquidations over the past 24 hours. Most of the liquidations came from short bets–traders who bet that the price of cryptocurrencies would fall, amounting to around $194 million. Long liquidations were around $63 million. Ethereum experienced the largest liquidations of $129 million, followed by Bitcoin at $34 million.
The withdrawal streak from U.S.-listed spot Bitcoin exchange-traded funds (ETFs) seems to have subsided, with $91.55 total net inflow recorded over the past 24 hours, according to SoSoValue data. This comes after four consecutive days of outflows from U.S.-listed spot BTC ETFs, the longest streak since April.
Crypto-linked stocks were in the green during pre-market trade, buoyed by Bitcoin’s strength. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, gained 1.7%. Bitcoin miner Riot Platforms (RIOT) stock climbed 1.4% higher, and shares of its peer, Mara Holdings (MARA), rose 1.8%. Crypto exchange Coinbase Global’s (COIN) had the biggest pop, with shares up 2.7% in pre-market trade.
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