Bitcoin edged higher on Friday, continuing its recent upward trend after U.S. President Donald Trump signed a new order allowing more alternative assets including cryptocurrencies to be used in 401(k) retirement accounts.
Altcoins saw even stronger gains, with Ether climbing closer to its 2021 highs and XRP surging after the conclusion of a prolonged legal battle between Ripple and the U.S. Securities and Exchange Commission. The court’s resolution has provided a boost of confidence to the altcoin market, which had been weighed down by regulatory uncertainty.
Despite the rally, market sentiment remained cautious due to deteriorating global risk appetite, following the implementation of Trump’s new trade tariffs targeting major economies. Bitcoin was trading well below its intraday highs, but still up 1.7 percent.
