With Bitcoin Currently Surging Around $42K On Biden’s Crypto Order Leak, What Can We Expect In The Week Ahead?
Bitcoin has outpaced both gold and the stock market in recent trading sessions, becoming investor-preferred wartime investment. While the world nervously watches and waits for the next development in Ukraine and a crypto executive order by the U.S. President Joe Biden, Bitcoin and many altcoins have rallied.
By Andrew Senior
March 9th, 2022
During early morning trading on Tuesday, Bitcoins price soared 7.2% surpassing the $41k level fueled by what appeared to be a prematurely published US Treasury statement which quelled market worries about a potential clampdown of US regulations around digital assets.
A statement briefly appeared on the Treasury department’s website before being removed in which Treasury Secretary Janet Yellen said a still-pending executive order on virtual currencies from President Joe Biden “calls for a coordinated and comprehensive approach to digital asset policy (that) will support responsible innovation.” This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.
The Biden administration’s stance on digital assets seems to indicate that US authorities won’t be taking any major regulatory actions as yet, and will likely be taking a more coordinated and measured approach to integrating the asset class.
Investors and speculators alike expect Biden to sign a long-awaited executive order in the near future, directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a US central bank digital currency.
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