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Bitcoin price is down 19 percent in the past year and has dropped approximately 39 percent from the ATH set around November last year.
Bitcoin price traded around $42k today having gained slightly over 8 percent in the past 24 hours amid the news on the crypto executive order. The global crypto market cap today is $1.92 trillion, up 6.6 percent in the past 24 hours. Bitcoin on the other hand stands at around $793 billion, which reciprocates to the market dominance of 41.41 percent.
Bitcoin Reacts to New Crypto Order
The bump in the past 24-hours has materialized despite the intensified war by Russia against Ukraine. Reportedly, the gains were likely bolstered by revelations made by Treasury Secretary Janet Yellen who said that the impending crypto executive order by the Biden administration will support responsible innovation.
It is expected that Biden will sign the crypto executive order before the end of this week. With increasing fears of a crypto crackdown, the crypto community is worried about possible retrogressive policies that could cripple the rising industry. However, the worries dwindled overnight following the revelation of pro-innovation policies.
“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in a statement. “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen added.
Notably, Yellen’s statement was warmly received by the crypto community. “Based on remarks, crypto EO is positive and calls for a coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Gemini Trust’s Cameron Winklevoss tweeted.
“I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto,” Winklevoss added.
Bitcoin Price and Crypto Market Outlook
Regardless of the unfolding global fundamentals, Bitcoin price is hanging on crucial support that could decide its future volatility. According to market data provided by CoinGecko, Bitcoin price is down 19 percent in the past year and has dropped approximately 39 percent from the ATH set around November last year.
The anticipated executive order will affect the entire crypto market industry and not only Ethereum and Bitcoin. Thereby explaining the reason most of the crypto assets are up today.
The White House might move in a similar direction as the European Union did with its crypto regulations on money laundering and terrorism. Crypto assets have been accused of enabling war crimes, terror-related activities, and money laundering.
Well, think of it, who could stop Russian billionaires from making international transactions through crypto assets despite the ongoing sanctions. Nonetheless, crypto leaders including Binance CEO have disputed the thought of Russia using crypto to evade sanctions, saying Russia is bigger than crypto.