Companies in the crypto and blockchain sector are enjoying a price surge after the publication of President Joe Biden’s order. This executive order has been in the works for a while now and requires the country’s federal agencies to start work on regulations. These regulations will create a framework to manage digital assets and look into the possible creation of a digital dollar.
Coinbase alone experienced a 10.5% increase in its value. Michael Saylor’s company MicroStrategy, a Bitcoin proponent, saw its value go up by 6.4%. This data was provided by TradingView, an analytics company. ETFs in the blockchain arena also posted gains thanks to the market’s confidence which was renewed by the new executive order.
Companies which are heavily invested in mining like Riot Blockchain saw its share go up by more than 11% and Marathon, 13.5%. The fact the that the US government is recognizing the value of crypto formally and engaging with the digital asset industry is validating and also a big boost.
The fact that 10% swings in value are common for the crypto market, it is unusual to see such volatility in the traditional financial markets. In spite of these gains, companies like Coinbase are down 48% in value, compared to April 2021. Riot Blockchain’s values are down 76% from its highs of February 2021.
Even BTC’s value went up 9% after details in the executive order were leaked. Apart from the immediate jump in prices, this order was considered to be a positive for the crypto industry. According to President Biden, the rise in digital assets presents an opportunity to firm up America’s leadership of the tech frontier as well as the global financial system.
