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Bitcoin extended its strong rebound on Monday, climbing 3.4% to $122,084.1 by 01:00 ET (05:00 GMT), staying within reach of its mid-July record high of over $123,000. The surge follows significant momentum from the latter part of last week, fueled by U.S. President Donald Trump’s executive order, which allowed retirement funds to invest in cryptocurrencies.
Ether, the second-largest cryptocurrency by market capitalization, also advanced, rising 2.3% to $4,314.89. It remains just $500 shy of its all-time high, reached during the 2021 bull market.
The broader cryptocurrency market saw positive movement, buoyed by the continued optimism after Trump’s executive order. The decision is seen as a pivotal moment for the industry, potentially opening up a new wave of institutional investment.
Bitcoin’s recent gains were particularly strong during a low-liquidity period over the weekend, a time typically prone to more volatility. Trump’s order directed U.S. regulators to allow retirement plans, including 401(k)s, to access alternative assets and private equity investments, such as cryptocurrencies. This move is expected to drive institutional interest into the crypto space, which has been steadily increasing.
The news also resulted in a surge of capital inflows into Bitcoin exchange-traded funds (ETFs) in the U.S., with three consecutive days of strong buying following the announcement. However, some questions linger about whether the current price levels can be sustained over the long term.
Trump’s executive order comes after a series of crypto-friendly regulatory decisions from his administration, including the passage of a bill establishing a regulatory framework for stablecoins.
Meanwhile, the crypto market’s positive sentiment extended to other altcoins as well. XRP rose 0.7% to $3.2782 following the announcement of a settlement between the SEC and Ripple, ending a prolonged legal battle. Solana gained 2.2%, Cardano added 1.5%, and Dogecoin climbed 0.5%. However, the newly launched $TRUMP token saw a 1.5% decline.
In another crypto-related development, U.S.-listed video platform Rumble (NASDAQ: RUM) revealed it is considering a $1.17 billion offer for German AI firm Northern Data (F: NB2). If the deal goes through, Tether, the stablecoin giant and the largest shareholder in Northern Data, could become the largest shareholder in Rumble. Additionally, Tether would enter into a multi-year agreement with Rumble to purchase processors, further solidifying its footprint in the crypto space.
