Executive order: Bitcoin rallies nine per cent on leaked Yellen statement
Bitcoin’s price has jumped nine per cent after a statement by Janet Yellen about forthcoming crypto legislation was inadvertently published.
US President Joe Biden is poised to sign an executive order on crypto which will set out plans for the nation’s future payments landscape amid concerns digital assets are being used to evade economic sanctions imposed on Russia.
Bitcoin is trading above $42,000 after the market reacted positively to leaked details about the order which were revealed when a statement by Treasury Secretary Yellen was published ahead of schedule on a government website.
Yellen’s statement, which was later taken down from the US Treasury Department’s website, praises Biden’s executive order for supporting “responsible innovation.”
“The order seems relatively benign, hence giving the market some clarity,” commented Marcus Sotiriou, an analyst for digital asset broker Globalblock.
“As many investors had prepared for the downside risks of this event by waiting on the side lines, we are seeing many buy Bitcoin back in what appears to be a spot-driven rally,” he added, noting that details about the executive order have eased investor fears.
“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,” commented Cameron Winklevoss, the co-founder of crypto exchange Gemini.
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