Data from TradingView and Cointelegraph Markets Pro showed BTC/USD staying around $42,000 when the trading started on March 9. The pair overcame the recent macro tensions and added more than 11% in less than 24 hours. The pair moved better compared to other pairs in the crypto market.
This executive order signed by the President Joe Biden removed several fears that analysts and traders were having in recent times. Any fear of the new rules being draconian faded after the announcement. The rules look more investigative and not what the traders feared. It did not raise concerns in the same way as seen after the introduction of Infrastructure Bill last year. The latest order met with positive response from the crypto industry.
The White House statement added that the Administration will keep working with all government agencies and Congress in regulating the crypto industry. Its goal would be to frame policies that protect investors from risks. There will be no restrictions on innovation in this field. The policies will help partners and allies develop the best international solutions capable of handling national security risks. Private sector can support technologies in the digital asset sector, according to the statement.
The bitcoin rallied after the release of this statement. The order does not refer to “bitcoin” and only uses the term “cryptocurrencies” and “digital assets”. This crypto asset order was signed by the President to achieve many public policy objectives. Some of these goals include preventing illicit activity, protecting investors and consumers, and ensuring financial stability in the crypto sector, according to the chair of the SEC, Gary Gensler.
The statement indicated more research in developing a CBDC of the US government.