Bitcoin Surges Above $41K After Positive Comments from US Secretary of Treasury, Janet Yellen.
Bitcoin (BTC) alongside other cryptocurrencies surged tremendously in the late hours of yesterday following positive comments about the upcoming executive order bill on cryptocurrencies from Janet Yellen, U.S. Treasury Secretary.
Bitcoin, which has been trading below $40,000 since last week, rallied over 8% at the time, with the world’s largest cryptocurrency surpassing $41,000 once again.
Before the statement from the Treasury, Secretary Bitcoin was trading around $38,138 by this time yesterday. Still, the asset class made a quick comeback to surge above $41,500 moments when the statement was released.
Other Cryptocurrencies Also Surge
Interestingly, Bitcoin is not the only digital currency that has enjoyed a significant boost. Evidently, all cryptocurrencies in the top 10 spot in the global crypto rankings are also favored by Yellen’s statement.
According to data on Coingecko, Ethereum (ETH) has been up to over 7% in the last 24 hours and is currently trading around $2,717.
Similarly, Binance Coin (BNB) is up 4.4%, Ripple (XRP), Terra (LUNA), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) have surged 3%, 18.3%, 5.6%, 4.3%, and 8.9%, respectively.
Yellen’s Statement on Cryptocurrency Executive Bill
Earlier today, the United States Treasury Secretary gave insights on what the cryptocurrency community should expect from president Joe Biden’s cryptocurrency executive order, which is scheduled to be published today.
Traders expect the Biden administration could impose stricter regulations on cryptocurrencies as part of efforts to stop Russia from evading the multiple sanctions slammed on the country for its ongoing invasion of Ukraine.
However, positive comments from the U.S. Treasury Secretary seem to indicate that the bill would likely favor the nascent asset class.
According to a statement dated March 9 but published on March 8, 2022, Yellen noted that the Treasury department’s work would complement its current and existing efforts following the executive order.
Yellen stated that the Treasury Department would collaborate with interagency colleagues to produce a report on the future of existing payment systems and money.
Notably, the department will continue its work with the Financial Stability Oversight Council, which hovers explicitly around evaluating the potential risk of cryptocurrencies to U.S. financial stability while assessing whether the necessary protections are in place.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses,” Yellen said.
It is worth noting that the statement has been deleted at the time of writing, as there seems to be a mistake in the date of the publication.
Matt Corallo writes: “Looks like Yellen’s comments on tomorrow’s Executive Order were accidentally posted a day early (now removed).”
— Matt Corallo (@TheBlueMatt) March 9, 2022