Bitcoin Has Risen Above $42,000 Following The Leak Of Biden’s Crypto Administrative Order
After US Treasury Secretary Janet Yellen’s mistakenly disclosed statements showed that President Joe Biden’s impending crypto,Bitcoin order would take a constructive stance in regulating the digital asset business, Bitcoin (BTC) rose early on Wednesday, propelling the broader crypto market higher.
Bitcoin Has Risen Above $42,000 Following The Leak Of Biden’s Crypto Administrative Order
“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in a statement, which was scheduled for release on Wednesday, but was published on late Tuesday.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen added.
Bitcoin picked up a bid and rose nearly 7% to $41,900 after Yellen’s comments, soothing market nerves. Other prominent cryptocurrencies like ETH, SOL, LUNA followed suit, according to CoinDesk data.
“Based on remarks, crypto EO is positive and calls for coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Gemini Trust’s Cameron Winklevoss tweeted.
“I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto,” Winklevoss added.
White House’s long-awaited executive order directed at cryptocurrencies has recently attracted strong attention, thanks to speculation that wealthy Russians could be using bitcoin and dollar-pegged stablecoins to bypass economic sanctions levied by the West. As such, several analysts have been worried that the Biden administration would take a hard stance on the evolving crypto sector.
While Yellen’s comments have revealed a balanced approach, concerns about crypto’s use for illicit financing persist. “The executive order will address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy,” Yellen’s now-deleted statement said.
The statement, dated March 9, was posted on the Treasury Department’s website on Tuesday night and was taken down shortly after it was published.
President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy (Bitcoin)
This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.
In addition, the Treasury will be partnering with other agencies to compile a report on the future of payment systems and money, in general.The text was perceived well by the market.
Bitcoin’s price soared from slightly below $39,000 to just shy of $42,000 and is currently trading at around $42,0770.This entire action also left around $190 million worth of liquidated positions in the past 24 hours, the majority of which are naturally short.
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