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Bitcoin moved higher on Friday. The rise came after U.S. President Donald Trump signed an order that could let people put more alternative assets, including cryptocurrencies, into their 401(k) retirement accounts.
Other coins did even better. Ether got closer to its 2021 all-time highs. XRP saw a strong jump after Ripple’s long legal fight with the U.S. Securities and Exchange Commission came to an end.
Still, the mood in global markets stayed shaky. Trump’s new trade tariffs on major economies had just taken effect, making investors cautious. Bitcoin was also far below the highs it touched earlier in the day. By early morning trading, Bitcoin was up 1.7% at $116,570.
Trump’s order could give alternative asset managers a bigger share of the massive U.S. retirement savings market. It also makes it easier for investors to include assets like crypto in their retirement plans. Trump said strict rules and legal risks had stopped retirees from earning better returns. Critics warned that these types of investments can be risky and may not be the best choice for long-term security.
The news fits with Trump’s history of supporting crypto. Earlier this year, several crypto-friendly laws were passed. Hopes for more investment pushed Bitcoin above the $115,000 ceiling it had been stuck under since late July.
Even so, Bitcoin’s bigger moves were limited. Spot Bitcoin ETFs had seen four straight days of large withdrawals. Some traders also took profits after Bitcoin hit record highs in July. Worries about Trump’s tariffs kept many buyers on the sidelines.
Other cryptos outperformed Bitcoin on Friday. Ether rose 5.6% to $3,902, just shy of its record above $4,000 in 2021. The jump came as more companies bought Ether for their corporate reserves, similar to the strategy that worked well for MicroStrategy with Bitcoin.
XRP surged 10.5% to $3.31 after Ripple and the SEC agreed to end their years-long legal battle. The decision was widely expected after Trump appointed more pro-crypto officials to the SEC and shifted oversight of crypto to the Commodity Futures Trading Commission.
Solana gained 3% and Cardano climbed 7.1%. Meme coins also saw gains, with Dogecoin up 7.1% and $TRUMP rising 3.1%.