Coinbase shares surge 3% as Trump administration allows 401(k) retirement accounts to invest in crypto assets

Shares of Coinbase, the largest US exchange, surged by about 3% after US President Donald Trump signed an executive order allowing US 401(k) retirement accounts to invest in crypto assets.
On the 7th (local time) on the New York Stock Exchange, Coinbase closed regular trading with a 2.37% increase, but after news of Trump signing the executive order broke, it fell in after-hours trading.
It rose 0.81% on Tuesday, surging more than 3% on the same day. On the same day, Trump signed an executive order allowing 401k funds to invest in alternative assets like Bitcoin and other cryptocurrencies.
401k is a pension plan for American retirees, and is called 401k because it is defined in the 401k provisions of the Internal Revenue Service (IRS).
Until now, 401(k) plans have been prohibited from investing in cryptocurrencies such as Bitcoin.
But Trump opened up the $9 trillion retirement market to crypto investors.
The report said the move would bring about a fundamental change in the way Americans save, sparking a surge in crypto assets, with Ripple soaring by around 9%.
When cryptocurrencies rise, all related stocks rise too.