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Bitcoin Increases By 8% In Value. During The Same Time As Vice President Biden Issues An Executive Order Prohibiting Cryptocurrency

Bitcoin up 8% as Biden announces executive order on cryptocurrencies

Following the announcement of President Joe Biden’s widely anticipated executive order on digital assets, which looked to take a favorable attitude toward the sector, bitcoin and other cryptocurrencies rose in value on Wednesday.

According to statistics from CoinDesk, bitcoin was trading at $42,118.73, an increase of around 8% over its previous closing price. Other cryptocurrencies, like ether, saw significant gains as well. However, the first surge in prices occurred before the executive order’s release. At approximately 6 p.m. ET on Tuesday, after the Treasury Department released facts and a statement online in reaction to the anticipated executive order from President Donald Trump on cryptocurrencies, the market started to climb. The information from Treasury Secretary Janet Yellen was taken off from the internet immediately after it was made public. Yellen’s remarks were subsequently re-posted on the internet on Wednesday.

Biden’s executive order aims to address the absence of a regulatory framework for the growth of cryptocurrencies in the United States, which opponents fear will cause the country’s sector to fall behind the rest of the globe in the coming years. As stated in the presidential order, “the United States must retain technical leadership in this rapidly emerging field, encouraging innovation while minimizing threats to consumers, companies, financial markets, and the environment.”

Biden’s program asks for safeguards for American consumers, investors, and companies, protection for the United States and the global financial system, and steps to limit systemic risk. Aside from that, the presidential order urges the United States government to investigate “the technical infrastructure and capacity requirements for a prospective” central bank digital currency. The digital money in question would be issued by a central bank instead of a cryptocurrency such as bitcoin, which is neither controlled nor issued by a single institution like the United States government.

Yellen, the Treasury Secretary, said in a statement issued on Wednesday that the presidential order “calls for a coordinated and comprehensive approach to the regulation of digital assets.” According to reports, the bitcoin sector and investors seem to have reacted positively to the presidential decision.

When Janet Yellen’s comments were first released before the formal executive order, Cameron Winklevoss, co-founder of cryptocurrency exchange Gemi, expressed his displeasure with the statement.

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