How Crypto Market Reacted After Biden's Executive Order on Digital Currencies
Godfrey Benjamin Mar 09, 2022 09:48
Here is how the crypto market reacted to the latest US government's Executive Order on digital currencies.
Following the report that US President Joe Biden will sign an Executive Order (EO) on cryptocurrencies this week, the EO has finally been signed with many reasons for investors to go all bullish.
For one, the EO did not contain an outright ban as President Biden only mandated Federal Agencies to coordinate their approach with respect to handling cryptocurrencies.
As gleaned from the mainstream reports, one part of the order will direct the Treasury Department to create a report on the “future of money,” including how the current financial system might not meet consumer needs.
With the details of the EO keeping crypto investors in the clear for now, digital currencies have had the impetus to leap, with many printing a very bullish trend.
Market Reaction to the Executive Order
The global cryptocurrency market capitalization surged 6.11% and was pegged at $1.84 trillion at the time of writing.
Bitcoin (BTC) printed an 8.45% growth to $41,886.98, growing from a low of $37,260.20 recorded in the past week. Ethereum surged 4.82% to $2,696.56 as the world’s largest blockchain network seeks to pare off the losses it has accrued since the turn of the week.
Other altcoins also reacted positively to the news with Binance Coin (BNB) changing hands at $393.46, up 2.68% in the past 24 hours. Solana (SOL), Cardano (ADA), and Terra (LUNA) also printed a growth rate of 5.59%, 5.13%, and 17.2% at the time of writing.
Despite the fact that volatility is rocking the market as some investors are taking profits off the market, the majority of long-term HODLers are poised to hang on to their bags as the position of the United States government may likely favour a reasonable innovation as Treasury Secretary, Janet Yellen predicted.
Image source: Blockchain.news