Bitcoin jumps above 41000 after US plans to regulate market

Bitcoin jumps above $41,000 after US plans to regulate market announced

The bitcoin exchange rate is steadily growing amid a premature release from the US Treasury Department in which US Treasury Secretary Janet Yellen positively reviewed President Joe Biden’s executive order regulating the cryptocurrency market. Although the document was removed from the agency’s website some time later, it managed to allay market fears that US authorities might tighten market regulation.

Image Source: Dado Ruvic / Reuters

Image Source: Dado Ruvic / Reuters

In the mentioned statement, Yellen says that Biden’s executive order on cryptocurrencies is yet to be approved “Calls for a coordinated and comprehensive approach to implementing the Digital Asset Policy that supports responsible innovation”. According to the official, the decree will bring significant benefits to the American nation, consumers and businesses. Official representatives of the department have so far refrained from commenting on this question.

Despite the fact that the US Treasury Department’s message was deleted shortly after publication, it was enough to convince the market that the authorities did not intend to introduce drastic restrictive measures on the cryptocurrency market. According to some experts, this could lead to further strong growth of Bitcoin and other cryptocurrencies.

Against the background of this news, bitcoin price rose by 7.2% to $41,515 per unit of cryptocurrency, which is the best indicator of growth over the past few weeks. After that, Ethereum’s cost increased by 5.3%, for a unit of which they gave $2715. Note that the world’s most popular cryptocurrencies continue to grow steadily. At the time of writing this note, a unit of bitcoin was about $41,979, and for an “ether” they were giving $2,736.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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