Yellen’s Positive Remarks About Biden’s Crypto EO Push Bitcoin Past $41,000
March 09 2022 - 8:11AM
NEWSBTC
It only took an unintentionally flattering remark from a
high-ranking US official to propel Bitcoin above the $41,000 level.
Bitcoin (BTC) advanced early on Wednesday, boosting the entire
crypto market, as US Treasury Secretary Janet Yellen’s
inadvertently disclosed remarks indicated that US President Joe
Biden’s long-awaited crypto directive will take a constructive
approach to regulating the digital asset sector. The crypto order
requires steps to foster innovation while managing industry risks.
The secretary’s statement appeared in print a day early, reportedly
because of a an error, and was promptly removed, but was retained
on a web cache. Bitcoin, which has been trading below $40,000 for
the last seven days, rebounded more than 8% Wednesday, hitting
$41,000 once more. Related Article | Leading News Outlets In
Ukraine Aim To Secure $1 Million By Selling NFTs Crypto EO Detailed
Report According to Yellen, the US Treasury will collaborate with
interagency partners to develop a detailed report on the future of
money and related payment systems in accordance with Biden’s EO.
Since early January, Biden’s White House team of financial experts
has been working on an executive order on digital assets, which an
unnamed source said will help bring “coherence to what the US
government is trying to accomplish in this arena.” Bitcoin was
trading around $38,135 at this time Tuesday, prior to Yellen’s
comments. Nonetheless, BTC quickly recovered to surpass $41,500
shortly after the statement was delivered. BTC total market cap at
$795.45 billion on the daily chart | Source: TradingView.com Yellen
Remarks Lift Bitcoin, Other Cryptos Notably, Bitcoin is not the
only cryptocurrency that has experienced a rally. Evidently,
Yellen’s partial disclosure favors all cryptos in the top ten
global crypto rankings. According to Coingecko data, Ethereum (ETH)
has increased by more than 7% in the previous 24 hours and is
presently selling at roughly $2,715 per coin. Similarly, Binance
Coin (BNB) is up 4.5%, while Cardano (ADA), Terra (LUNA), Ripple
(XRP), Solana (SOL), and Avalanche (AVAX) are up 8.5%, 18.4%, 5.6%,
and 3%, respectively. “Based on Yellen’s words, the crypto EO is a
welcome development that calls for a coordinated and comprehensive
approach to digital asset regulation that promotes responsible
innovation,” Cameron Winklevoss of Gemini Trust wrote on Twitter.
Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very
Bullish’ For Bitcoin Mixed Reactions Thus far, notable members of
the industry have had a mixed reaction. Evan Van Ness, founder of
Week In Ethereum, described the speech as a “nothingburger of a
statement.” However, Altered State Machine founder Aaron McDonald
expressed a more somber reaction to the announcement. McDonald
stated in a tweet that Yellen’s remarks demonstrate her want to
“ensure we keep the most potent weapon in our arsenal – the USD as
global settlement.” Traders anticipate that the Biden
administration will enact stricter cryptocurrency laws as part of
its efforts to prevent Russia from escaping the mountain of
sanctions put on the country for its ongoing invasion on Ukraine.
However, Yellen’s favorable comments appear to indicate that the
law will certainly benefit the new asset class. Featured image from
Decrypt, chart from TradingView.com
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