Trump's 401(k) expansion fuels ethereum boom
Werte in diesem Artikel
Nearly $4 billion of new money flowed into digital assets last week, with the U.S. dominating 99% of the total haul. Investors are taking a cue from President Trump’s push to open retirement accounts up to alternative assets. "My Administration will relieve the regulatory burdens and litigation risk that impede American workers’ retirement accounts from achieving the competitive returns and asset diversification necessary to secure a dignified, comfortable retirement," read a portion of Trump's executive order "Democratizing Access to Alternative Assets for 401(k) Investors," signed in early August.Ethereum ETPs (exchange-traded products), which give investors exposure to the crypto without holding it, attracted $2.87 billion in new assets last week, bringing the year-to-date inflows to a record $11 billion, as tracked by CoinShares. Ethereum got an extra boost Friday, nearing the $4,8000 level after Federal Reserve Chairman Jerome Powell signaled a possible interest rate cut as early as September. It last hit a record $4,865.81 in November 2021. BlackRock's ETF arm, iShares, dominated the action, led by inflows into the Ethereum Trust ETF and its Bitcoin Trust ETF. TRUMP'S 401(k) EXPANSION: WHAT TO KNOWBitcoin, which is taking a backseat to ethereum, saw a $552 million boost, reversing two straight weeks of outflows. The largest cryptocurrency by market value is hovering around the $116,000 level, up 20% year-to-date but down from its record high of $124,495.51 reached on Aug. 14. WINKELVOSS TWINS DROP MILLIONS OF BITCOIN IN PRO-TRUMP PACSmaller cryptos, including Solana and XRP, saw inflows of $176.5 million and $125 million, respectively. BLUE COLLAR BOOM PRIORITY OF TRUMP ADMINISTRATIONAlong with iShares, ProShares, Fidelity, 21Shares AG and Bitwise Funds Trust are leading annual inflows, CoinShares reported. GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business
Quelle: FOX Business