Bitcoin and cryptocurrency prices have soared following the premature publication of a U.S. Treasury statement on a long-awaited Biden administration executive order.
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The bitcoin price has leaped to over $40,000 per bitcoin, up 10% on the last 24 hours, after crashing under the psychological level in the aftermath of the Russian invasion of Ukraine.
Ethereum and other top ten coins BNB, solana, cardano, XRP and avalanche are all up between 5% and 8% while Terra’s luna payments coin has left bitcoin, ethereum and others in the dust, adding a blistering 20%.
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U.S. president Biden is set to sign an executive order related to cryptocurrencies. A leaked … [+] Treasury department reaction on the order cheered investors, boosting the price of bitcoin, ethereum, solana, BNB, cardano, XRP, Terra’s luna and avalanche.
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“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Treasury secretary Janet Yellen wrote in a statement that was briefly published on Tuesday evening before being removed but not before being spotted by Coindesk reporters. The webpage now reads: “Access denied—You are not authorized to access this page.”
The news calmed bitcoin and crypto investor fears that the executive order, set to be signed on Wednesday by U.S. president Joe Biden according to reports earlier this week, would mean a broad crackdown on the red-hot bitcoin and crypto market.
“The order seems relatively benign, hence giving the market some clarity,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note. “As many investors had prepared for the downside risks of this event by waiting on the side lines, we are seeing many buy bitcoin back in what appears to be a spot-driven rally.”
“Based on remarks, crypto [executive order] is positive and calls for coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Cameron Winklevoss, the co-founder of the New York-based Gemini crypto exchange, said via Twitter.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen’s now removed statement read. “Because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.”
Biden’s executive order is expected to instruct a clutch of federal agencies to investigate the need for crypto-related regulatory changes, as well as the national security and economic impact of bitcoin and other cryptocurrencies.
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The bitcoin price has soared over the last 24 hours. Ethereum and other smaller coins such as BNB, … [+] solana, cardano, XRP Terra’s luna and avalanche have also surged.
“The executive order is calling for a ‘coordinated and comprehensive approach to digital asset policy,’ and in leaked documents it seems to already being championed by Janet Yellen, the U.S. Treasury secretary,” Nigel Green, the chief executive of financial advisory group deVere, wrote in emailed comments.
“History will judge Biden signing this executive order to instruct departments across Washington to study digital currencies as a landmark moment.”