S&P 500 eases slightly from fresh record high after stronger economic growth
Investing.com-- Bitcoin rose slightly on Friday, extending recent gains after U.S. President Donald Trump signed an order aimed at allowing more alternative assets, including crypto, to be used in 401(k) retirement accounts.
Altcoins logged much stronger gains, with Ether coming back in sight of 2021 peaks, while XRP rallied on the end of the long-running lawsuit between issuer Ripple and the U.S. Securities and Exchange Commission.
But gains still appeared skittish in the face of worsening global risk appetite, after Trump’s trade tariffs on major economies took effect. Bitcoin was also trading well below intraday highs.
The world’s biggest crypto added 0.1% to $116,890.0 by 09:30 ET (13:30 GMT).
Bitcoin, crypto rallies on Trump alternative assets order
Trump’s order opens the way for alternative asset managers to grab a greater share in America’s massive retirement savings market. The order will also allow investors easier access to alternative assets in their defined contribution retirement plans.
Trump claimed that regulatory overreach and litigation risks had prevented retirees from clocking potentially higher returns on their investments. But critics warned that alternative asset investments were inherently riskier, making them less suitable for long-term stability.
Trump’s order is largely in line with his pro-crypto stance, which saw the passage of several crypto regulatory bills earlier this year.
The prospect of more capital flows boosted Bitcoin, helping the crypto break out of a $110,000 to $115,000 trading range seen since late-July.
But bigger gains in the crypto remained elusive, especially with spot Bitcoin ETFs nursing four days of sharp capital outflows. Bitcoin was hit by profit-taking after reaching record highs in July, while dour risk appetite, on concerns over Trump’s tariffs, also kept buyers to the sidelines.
Jack Dorsey’s Block added 108 BTC in Q2
Block, led by Jack Dorsey, increased its Bitcoin holdings in the second quarter, adding 108 BTC and bringing its total treasury position to 8,692 BTC.
Second-quarter revenue came in at $6.05 billion, up 1.5% from $5.96 billion in the prior quarter, while gross profit rose 8.2% to $2.54 billion from $2.33 billion, according to the company’s latest 10-Q filing with the U.S. Securities and Exchange Commission.
Bitcoin sales through Cash App accounted for $2.14 billion of total revenue and generated $66 million in gross profit from the cryptocurrency.
Block’s shares rose 3.5% at the market open on Friday as investors welcomed the positive Q2 results.
Crypto price today: Ether near $4k, XRP rallies on end to SEC case
Broader crypto prices outpaced Bitcoin on Friday, largely reversing last week’s steep losses.
World no.2 crypto Ether rose 2% to $3,910.76, and was within spitting distance of record highs of over $4,000 seen in 2021.
The crypto was boosted chiefly by an increased number of companies buying Ether to establish a corporate treasury, similar to that seen with Bitcoin and MicroStrategy. The strategy proved to be extremely successful for Michael Saylor’s firm, which logged stellar share price gains over the past year.
XRP also outperformed, rallying 8.4% to $3.32, a near three-week high.
XRP was supported chiefly by issuer Ripple and the SEC agreeing to end their long-running lawsuit. The legal battle was largely expected to end after Trump named more pro-crypto officials to the SEC, while also shifting crypto regulatory oversight to the Commodity Futures Trading Commission.
Solana rose 2.6%, while Cardano added 3%.
Among meme coins, Dogecoin rose 4.1%, while $TRUMP added 2.3%.
(Additional reporting by Vahid Karaahmetovic.)