Crypto prices have surged significantly after US President Joe Biden released the first ever executive order on cryptocurrency. The order revealed how it will be investigated and regulated in the future.
While the crypto space had been anticipating major crackdowns for investors, most analysts agree the order was relatively soft on cryptocurrency.
This came as quite a relief to crypto investors, who bought in to the market following the order’s release.
Following the release of the executive order, crypto’s market cap has surged more than six per cent in the past 24 hours.
World’s largest crypto, Bitcoin, has climbed around eight percent to hit US$41,900.
Similarly, Ethereum also jumped just over five percent to US$2,700.
According to a statement from US Treasury Secretary Janet Yellen, the executive order will attempt to help innovation within the cryptocurrency space while also protecting its users.
While the order is being hailed by crypto enthusiasts, it has also been criticised for being quite vague in its plans for regulation.
As a result, many analysts are expecting further volatility in crypto prices in the coming weeks as investors seek further clarity from the regulatory haze.
Despite this, many in the crypto space are hailing the executive order a watershed moment for the crypto industry, with some comparing it to when the US government realised the commercial power of the internet in the 1990s.
Altcoin News
Crypto exchange, Coinbase, have added three new small-cap altcoins to its trading platform.
Coinbase says that open-source hybrid blockchain Aergo, sports-based non-fungible token marketplace Ethernity Chain and decentralized finance platform Status Network are all now live on Coinbase’s retail platform following its initial launch on Coinbase Pro yesterday.
According to the crypto exchange, the three digital assets will be set as “experimental”, which means they may be subject to higher volatility and lower trading volume compared to other assets.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
This news is republished from another source. You can check the original article here
Be the first to comment