It only took one unintentionally flattering comment from a high-ranking US official to propel Bitcoin above the $41,000 level.
Bitcoin (BTC) advanced early on Wednesday, boosting the entire crypto market, as inadvertently revealed comments from US Treasury Secretary Janet Yellen signaled that the long-awaited directive on crypto from the US president ., Joe Biden, will take a constructive approach to regulating the digital asset sector.
The crypto order requires steps to foster innovation while managing industry risks. The clerk’s statement appeared in print a day earlier, allegedly due to an error, and was promptly removed but retained in a web cache.
Bitcoin, which has been trading below $40,000 for the past seven days, rallied more than 8% on Wednesday, hitting $41,000 once again.
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Crypto EO Detailed Report
According to Yellen, the US Treasury will collaborate with interagency partners to develop a detailed report on the future of money and related payment systems in accordance with the Biden EO.
Since early January, the Biden White House team of financial experts has been working on an executive order on digital assets, which an unnamed source says will help bring “coherence to what the US government is dealing with.” to achieve in this field.
Bitcoin was trading around $38,135 at this time on Tuesday, before Yellen’s comments. Nonetheless, BTC quickly recovered to break above $41,500 shortly after the statement was delivered.
Total BTC Market Cap at $795.45 Billion on the Daily Chart | Source: TradingView.com
Yellen’s Comments Lift Bitcoin, Other Cryptocurrencies
In particular, Bitcoin is not the only cryptocurrency that has seen an uptick. Evidently, Yellen’s partial disclosure favors all cryptocurrencies in the top ten global cryptocurrency rankings.
According to data from Coingecko, Ethereum (ETH) has risen over 7% in the last 24 hours and is currently selling for roughly $2,715 per coin.
Similarly, Binance Coin (BNB) was up 4.5%, while Cardano (ADA), Terra (LUNA), Ripple (XRP), Solana (SOL), and Avalanche (AVAX) were up 8.5%, 18 .4%, 5.6% and 3%, respectively.
“Based on Yellen’s words, crypto EO is a welcome development that calls for a coordinated and comprehensive approach to digital asset regulation that promotes responsible innovation,” Gemini Trust’s Cameron Winklevoss wrote on Twitter.
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mixed reactions
So far, notable members of the industry have had a mixed reaction. Evan Van Ness, founder of Week In Ethereum, described the speech as an “unimportant statement.”
However, Altered State Machine founder Aaron McDonald expressed a more somber reaction to the announcement.
McDonald said in a tweet that Yellen’s comments demonstrate her desire to “make sure we keep the most powerful weapon in our arsenal: the US dollar as a global solution.”
Traders anticipate that the Biden administration will enact tougher cryptocurrency laws as part of its efforts to prevent Russia from escaping the mountain of sanctions placed on the country for its ongoing invasion of Ukraine.
However, Yellen’s favorable comments seem to indicate that the law will certainly benefit the new asset class.
Decrypt Featured Image, Chart from TradingView.com
This post Yellen’s Positive Comments on Biden’s Crypto EO Push Bitcoin Past $41,000
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