Bitcoin rose on Monday, extending a strong rebound from late last week as cryptocurrency markets cheered an order from U.S. President Donald Trump allowing retirement funds to invest in the sector.
World no.2 Ether also advanced after blowing past the $4,000 level last week, remaining close to record highs hit during the 2021 bull run.
Broader crypto prices also advanced, and were sitting on strong gains since late-last week, especially following Trump’s executive order.
Bitcoin rose 3.4% to $122,084.1 by 01:00 ET (05:00 GMT). The world’s largest crypto was now within spitting distance of a mid-July record high of over $123,000.
Bitcoin, crypto prices boosted by US regulatory cheer Bitcoin clocked strong gains in the second half of last week, after Trump signed an order directing regulators to allow savings and retirement plans, such as the 401(k), to access alternative assets and private equity investments, including cryptocurrency.
The move stands to expose cryptos to a new source of institutional buying, and comes amid increasing institutional interest in crypto.
Top Bitcoin exchange-traded funds in the U.S. saw three days of strong capital inflows after Trump’s order, which coincided with a strong run-up in Bitcoin prices. But a bulk of the crypto’s recent gains came over the low-liquidity period of the weekend, raising some questions over whether current price levels could be sustained.
Trump’s order last week also came following a string of crypto-friendly regulatory moves from his administration in recent months, most notably being the passage of a bill to establish a regulatory framework for stablecoins. Rumble considers $1.2 bln offer for Tether-backed Northern Data U.S.-listed video streaming platform Rumble Inc (NASDAQ:RUM) said on Sunday it is considering an offer of $1.17 billion for German artificial intelligence firm Northern Data AG (F:NB2).
Stablecoin giant Tether is the largest shareholder in Northern Data, and stands to become the biggest shareholder in Rumble if the deal materializes.
Rumble said it was considering offering 2.319 shares for each Northern Data share, representing a value of $18.3 per share and a total deal value of $1.17 billion.
Tether also stands to become a major customer of Rumble if the deal proceeds, with a multi-year commitment to purchase processors from the firm, Rumble said. Still, Rumble’s offer is largely indicative and not yet final.
Crypto price today: altcoins upbeat, Ether near record high Broader crypto prices advanced on Monday, after logging strong gains in the latter half of last week.
World no.2 crypto Ether rose 2.3% to $4,314.89, and was about $500 away from a record high hit in 2021.
XRP rose 0.7% to $3.2782, after rising sharply on the SEC and XRP issuer Ripple agreeing to end a long-running legal feud.
Solana rose 2.2%, while Cardano added 1.5%.
Among meme tokens, Dogecoin rose 0.5%, while $TRUMP fell 1.5%.
