Why Bitcoin is rising? Bitcoin (BTC) rose early on Wednesday, pushing the entire cryptocurrency market higher after U.S. Treasury Secretary Janet Yellen’s accidentally published comments confirmed that President Joe Biden’s forthcoming crypto order would take a friendly approach to regulating the digital asset sector.
“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ by aligning U.S. policy across agencies, as long as it is done with caution,” Yellen continued in a statement that was scheduled to be released later Wednesday but was published instead late Tuesday.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems.”
After comments from Janet Yellen, Bitcoin rose roughly 7% to $41,900, calming market anxiety. ETH, SOL and LUNA also rallied.
Why Bitcoin is rising?
“Based on remarks, crypto EO is good and encourages a coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Gemini Trust’s Cameron Winklevoss stated on Twitter.
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.
— Cameron Winklevoss (@cameron) March 9, 2022
The long-awaited White House directive on cryptocurrencies has lately received a lot of press because it was believed that wealthy Russians may be using bitcoin and dollar-pegged stablecoins to get around economic sanctions imposed by the West. As a result, several analysts have been concerned that the Biden administration would take a negative approach to evolving blockchain technology.
Yellen’s comments have shown a cautious approach, but worries about crypto’s usage for illicit financing persist. Yellen’s now-removed statement added, “The executive order will address concerns regarding illicit finance, protecting consumers and investors, as well as threats to the financial system and economy.”
The Treasury Department’s statement, dated March 9, was published on the department’s website late Tuesday night before being removed.
At the time we wrote, the Bitcoin price top 42.000 dollars.