Bitcoin price and other major altcoins spiked following U.S. President Joe Biden’s executive order
Crypto markets notched sizable gains Wednesday as the White House unveiled President Biden’s long-awaited executive order on digital assets. At the time of writing, Bitcoin price is changing hands at $41,915.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price rise after Biden’s executive order; sentiment still mixed
Bitcoin traded higher on Wednesday after U.S. President Biden issued a long-awaited executive order on crypto, which did not impose new regulations on the industry. Investors were quick to pinpoint an accompanying statement as mostly positive, including it calling the rise of digital assets “an opportunity to reinforce American leadership in the global financial system and at the technological frontier.”
Today, @POTUS signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability.
— Gary Gensler (@GaryGensler) March 9, 2022
The Department of the Treasury also released a statement from Treasury Secretary Janet Yellen that was later taken down. While Yellen addressed the potential issues digital assets may introduce, she also said creating legislation could help consumers and businesses.
Bitcoin rose as much as 10% following the executive order’s release and traded above $40,000 over the past 24 hours.
“After a leaked Biden initiative from Yellen was read by the #crypto community, prices pushed higher. Bitcoin has jumped back to $42.3k, & the many exchange shorts were liquidated rapidly”, Santiment stated.
Resistance or the point where an uptrend is expected to pause temporarily due to a concentration of supply, at around the $40,000-$45,000 price zone could stall the current upswing, similar to what occurred last week. The four-hour chart’s relative strength index (RSI) is oversold, which typically precedes a brief pullback in price. However, on the daily chart, the RSI is neutral, suggesting that lower support around $37,000-$40,000 could stabilize pullbacks into the Asia trading day.
For now, the leading cryptocurrency remains in a tight trading range, although downside momentum has slowed over the past two months. That means bulls could remain active at short-term support levels.
The rest of the crypto market followed, sending Ether up 4.2% and the overall cryptocurrency market capitalization up 5.72%.
“During all of the crises & price volatility in recent weeks, Metaverse-related crypto projects continue to be monitored. As developments of the platform continue to ramp up, projects like BNX (+51% past 30d) & SPH (+14% past 30d) are good to watch”, Santiment reported.
Bitcoin has experienced a series of higher lows, suggesting that the worst may be behind the cryptocurrency. Investors should still be wary of volatility stemming from the Ukraine conflict and the coming mid-March Fed meeting on interest rates.
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