Bitcoin surged on news of US President Joe Biden’s order, which outlined the US government’s strategy on the digital asset. Bitcoin price was trading up 4% today at $40,900. world’s most popular and largest cryptocurrency So far in 2022 (year-to-date or YTD) is down about 10%.
The US President has signed an executive order requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues. His order would require major agencies to prepare reports on the “future of money” and the role of cryptocurrencies.
US Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive and more efficient financial system” while combating illicit finance and preventing risks to financial stability and national security.
The executive order is part of an effort to promote responsible innovation but mitigate risks to consumers, investors and businesses, Brian Deez, director of the National Economic Council and White House national security adviser Jake Sullivan, said in a statement.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, also gained 2% to $2,668. Dogecoin price rose marginally to $0.11 while Shiba Inu traded at around $0.000023.
Avalanche, Polygon, Cardano, Litecoin among other digital tokens lost their performance as prices declined, while Stellar, XRP, Uniswap, Solana, Polygon, Polkadot were trading with marginal gains and Tera 7 in the last 24 hours. % jumped.
Meanwhile, the global cryptocurrency market capitalization soared but remained below the $2 trillion mark of $1.88 trillion, a change of more than 2% in the past 24 hours, according to CoinGecko.
(with inputs from agencies)
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