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Bitcoin (BTC) jumps after Treasury statement on crypto executive order


Selim Korkutata | Anadolu Agency | Getty Images

BitcoinThe U.S. Treasury appears to have released information about an executive order signed by President Joe Biden. This apparently supported digital assets.

Bitcoin traded at $41,584.21, almost 9% more than the previous 2:07 a.m. ET, according data to CoinDesk. There are also other cryptocurrencies, such as etherThese were also much higher than expected.

Just after 6 pm, the rally started. ET Tuesday was the start of the rally. The Treasury posted details and an online statement to respond to an executive order by President Trump on cryptos. Shortly after, the statement of Treasury Secretary Janet Yellen wasn’t published.

ReutersOther news outlets and media reported this week of a Biden-order on cryptocurrency.

In the Treasury statement that was later deleted, it said that the executive orders required an integrated approach to digital assets policy and that agencies of government would coordinate their efforts.

The final executive order is still to come, although traders have been optimistic by the Treasury’s brief statement.

CNBC spoke Yuya Hasegawa (market analyst, Bitbank) about the leaky Treasury statement. She said that it was welcomed by crypto markets because the document seems to concentrate on industry development rather than imposing unreasonable regulations.

Cameron Winklevoss co-founder of the cryptocurrency exchange Gemini called the executive order “constructive” and said it was a way to think about crypto regulation.

China, El Salvador and other countries have tried to eliminate cryptocurrency trading. However, the U.S. does not currently have an established framework to regulate and develop cryptocurrencies. This has led to fears of its possible disappearance.

Coinbase reported that last year the U.S. should create a new regulatorTo oversee the digital asset marketplace.