A crypto rally was underway on Thursday, August 7, as investors bought the dip ahead of an executive order signing by President Donald Trump.
Bitcoin (BTC) price rose as high as $116,500, the highest point this week, while the market capitalization of all coins jumped to over $3.83 trillion.
Most altcoins were in the green, with Pudgy Penguins, Virtuals Protocol, Ethena, and Pendle leading the way.
A likely catalyst for the ongoing crypto rally is an upcoming executive order from President Trump. According to CNBC, Trump is expected to sign an order that will open access to alternative assets such as cryptocurrencies and private equity for retirement funds like 401 (k)s.
The executive order could be significant, potentially unlocking billions of dollars for the crypto market. Increased participation from retirement funds would be bullish, especially as the supply of major tokens like Bitcoin and Ethereum on exchanges continues to decline. Demand is rising, with ETFs seeing substantial inflows and the number of treasury-holding companies increasing.
The crypto market is also rallying amid growing expectations that the Federal Reserve may cut interest rates. Top officials including Neel Kashkari, Lisa Cook, and Susan Collins have signaled potential support for cuts at the September meeting.
They join Christopher Waller and Michele Bowman, who have previously backed easing measures.
Polymarket and CME data show that most analysts expect the bank to cut rates in September. These odds jumped after the US published strong nonfarm payroll data last week.
The Bureau of Labor Statistics reported that the economy added just 73,000 jobs in July, while the unemployment rate rose to 4.2%.
The broader crypto market also gained momentum as Bitcoin formed several bullish chart patterns, indicating further upside could be ahead.
BTC formed a bullish flag pattern on the daily chart and found key support at $112,000 — its previous all-time high and the 50-day Exponential Moving Average.
These technical signals suggest that Bitcoin could be poised to surge to a new record high, a move that would likely push altcoin prices even higher.
