Bitcoin has surged past $41,500 as traders, investors, and the market as a whole await more information on Bidens executive order. Digital tokens, as a result, have also experienced a dramatic increase in value.
According to CoinGecko the coin gained 8.8% going up to $41,874. The world’s second-largest cryptocurrency Ethereum gained close to 6.7% and Terra as much as 20%. All these increases have occurred in the past 24 hours.
The Executive Order:
The executive order of President Joe Biden is much awaited. It will outline the U.S. government’s rules and regulations for cryptocurrencies, Bitcoin, and the like.
Treasury Secretary Janet Yellen noted in a since-removed statement issued to the U.S. Department of the Treasury website on March 9 that the approach stated in the order “will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.”
In addition, the chief executive officer Hayden Hughes of the social media platform Alpha Impact said the following. “For years, the crypto market has been hindered by a lack of regulatory clarity in the U.S., if clear guidelines are passed, this could be a watershed moment for the industry.” Hayden believes that Bidens executive order will have clear guidelines and will result in only good.
Bitcoin for the past year has fluctuated from $33,000 to $48,000. The most recent move that has made its market value jump has been the current war in Ukraine. In addition to the turmoil in commodities.
As CoinGecko data showed, privacy coins Monero and Zcash have gone up a good 27% and 20% in 24 hours. According to Ben Caselin, the head of research at AAC, “the recent surge in privacy coins is mostly driven by traders speculating on the possibility that we will see capital flight.” He went on to explain. While privacy coins provide more anonymity, the networks on which they operate are less decentralized and safe than Bitcoin.