Bitcoin, crypto stocks rally as Trump signs executive order opening 401(k) plans to alternative assets

Trump on Thursday signed an executive order that will pave the way for alternative assets like cryptocurrencies and private equity to be included in the retirement accounts of millions of Americans.

Ahead of the news, major cryptocurrencies and crypto-related stocks rallied on Thursday.

Bitcoin (BTC-USD) rose around 2% to trade above $117,400, while ether (ETH-USD) and XRP (XRP-USD) were trading up more than 4% and more than 2%, respectively.

Shares of Coinbase (COIN), the biggest publicly traded crypto exchange, ended Thursday up more than 2%. Robinhood (HOOD) and Strategy (MSTR) shares rose more than 5% and 4%, respectively, on the trading day.