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Bitcoin Price Soars Following Announcement of Federal Regulations Targeting Cryptocurrencies

Bitcoin, El American

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The price of Bitcoin soared by more than 8% in the last 24 hours since information leaked that President Joe Biden would issue an executive order regarding the regulation of cryptocurrencies.

Bitcoin price change in 24 hours according to CoinMarketCap (Screenshot)

On Tuesday, Secretary of the Treasury Janet L. Yellen mistakenly released a statement referring to Biden’s executive order (which was made public this Wednesday morning) on the need to legislate on digital assets, assess their risks to the financial system and even create an official cryptocurrency.

According to the CoinMarketCap portal, the price of Bitcoin jumped from $38,700 to over $42,000 from 2:30 pm on Tuesday until the same time this Wednesday.

Among the objectives of Biden’s executive order are: to protect consumers, investors and businesses from the potential financial risks of crypto-assets. In addition, to guard the economic stability of the United States and the world, mitigate illicit finance and national security risks posed by the misuse of digital assets, and reinforce American leadership in global finance.

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