March 10, 2022
By Tiasha Chatterjee
Bitcoin (BTC) and Ethereum (ETH) witnessed a spike of over $200, in the European hours that followed US President Joe Biden’s first-ever executive order on cryptocurrencies.
Data shows that Bitcoin spiked to over $42,400, before falling back to $42,115, as traders made profits off the sudden spike. On the other hand, Ether moved up to $2,762, followed by a $20 drop. Ether had reached up to $2,773 in the early Asian hours.
“While volatility is currently rocking the digital assets as some buyers are currently taking profits, the certainty that more investors will invest in these leading assets, in the long run, is high… we can expect BTC and ETH to breach new resistances in the near future,” says Greg Waisman, co-founder and COO of global payment network, Mercuryo.
This movement was followed by an upward trend in the early Asian hours when Bitcoin reached over $42,484 from Tuesday’s low value of $38,100. Treasury Secretary Janet Yellen published an inadvertent statement on March 9, that said that the executive order from the president on cryptocurrencies is going to “support responsible innovation.”
“This is most probably due to some immediate speculation on the impact of the order. The approach of the order is more positive than some have expected. But nothing will happen immediately. It will take a long time for the policies to be established,” says Vasja Zupan, president of Matrix Exchange.
The executive order passed on Wednesday, which was also the first one that exclusively focused on the digital asset sector, instructs all federal agencies to properly communicate their actions in the digital asset sector, but without laying down any specific positions.
Crypto markets went up by 6.3% in the past 24 hours, following news of the executive order. Wider marketspace witnessed parallel moves – America’s S&P 500 futures added 1.6% while Europe’s Stoxx 600 grew by 3.12%.
About the author
Tiasha Chatterjee is a content writer with a great curiosity to learn about new things. Combining this curiosity with her interest in the English language, she loves to write about different subjects, including blockchain. When not writing, you’ll find her surrounded by her cats, soaking up another book.
