The crypto market rose sharply, with the Layer2 sector leading the gains by over 9%, and ETH breaking through $3,900.

PANews reported on August 8th that, according to SoSoValue data, all sectors of the crypto market saw significant gains, with gains generally ranging from 2% to 9%. Trump signed an executive order allowing 401(k) retirement plans to invest in cryptocurrencies. This suggests that approximately $9 trillion in retirement funds could become a long-term, stable source of funding for the crypto market. Furthermore, growing expectations of a ceasefire between Russia and Ukraine boosted market sentiment. The Layer 2 sector saw a 24-hour increase of 9.53%, with Mantle (MNT) rising 25.77% and Zora (ZORA) surging 34.35%. Meanwhile, Ethereum (ETH) surged 5.67%, briefly breaking through $3,900, while Bitcoin (BTC) rose 1.79% to $116,000.

Other sectors with outstanding performance include: PayFi sector rose 9.09%, among which XRP, which officially ended its four-year legal dispute with the SEC, rose 11.21%, and Stellar (XLM) climbed sharply by 14.41%; NFT sector rose 7.75%, and within the sector, Pudgy Penguins (PENGU) rose 6.68%; RWA sector rose 7.41%, Pendle (PENDLE) and Keeta (KTA) rose 26.69% and 28.56% respectively.

In other sectors, the DeFi sector rose 6.02%, Chainlink (LINK) rose 10.32%; the Meme sector rose 5.96%, BUILDon (B) rose 16.72%; the Layer1 sector rose 3.32%, Hedera (HBAR) rose 8.07%; the CeFi sector rose 2.51%, and Hyperliquid (HYPE) rose 6.72%.