Crypto markets surged after President Trump signed an order allowing 401(k) plans to invest in digital assets, unlocking $8.7 trillion in retirement funds

Bitcoin and other cryptocurrencies were rallying on Friday after an executive order from President Donald Trump gave the digital-asset sector a boost. The world’s largest token was up 1.4% to $116,605 over the past 24 hours,

This is yet another channel of sustained, long-term demand for Bitcoin that will bid the price higher,” Ryan Rasmussen, head of research at the crypto asset management firm Bitwise, told Fortune. The rise in the crypto and equities markets follows multiple reports that Trump will sign an executive order Thursday midday that will task the Labor Department to reevaluate guidance for fund managers about whether alternative assets can be included in 401 (k)s.