What did Janet Yellen say on cryptocurrency & did it have any impact?

Be the First to Comment Read

What did Janet Yellen say on cryptocurrency & did it have any impact?

Yellen's impact on crypto
Image source: © Designer491 | Megapixl.com
Highlights:
  • The global crypto market soared over 5% on Wednesday morning.
  • Bitcoin (BTC) and Ethereum (ETH) prices jumped more than 8% and 6%, respectively.
  • Treasury Department published a statement that allayed fears of the investors before it was taken down.

The global crypto market recently witnessed a slump as investors shifted their focus on safer investments due to several uncertainties in the market. However, the market appears to be recovering, as indicated by the recent surge in prices of virtual currencies.

On March 9, the global crypto market cap jumped 5.81% to US$1.85 trillion, while its volume for the last 24 hours was up 8.57% to US$97.31 billion at 6:06 am ET. The unexpected surge was led mainly by the gains in Bitcoin's (BTC) and Ethereum (ETH) prices.

At the time of drafting, the price of Bitcoin (BTC) surged 8.43% to US$42,273.78 while Ethereum's (ETH) price rose 6.48% to US$2,759.34, on track to mark their best performing day this month so far.

Also Read: Why is Stellar (XLM) crypto rising?

Bitcoin and Ethereum surged on Yellen's commentSource: *Data provided by CoinMarketCap.com

Why is the market rising?

The price surge could be due to a prematurely published statement of the US Treasury Department.

Reports suggest that Janet Yellen, Treasury Secretary, said that the still-pending President Joe Biden's executive order on the digital assets focuses on a "coordinated and comprehensive approach" towards the policies of the cryptos, and it would aid in "responsible innovation".

This has reportedly shrugged off concerns over a sudden tightening of US regulations around digital currencies.

Also Read: From VALE to BHP: Top nickel stocks to explore amid supply concerns

Bottom line

President Joe Biden is reportedly expected to sign a much-awaited executive order this week that would ask the Justice Department, Treasury, and other regulatory agencies to study the legal and economic consequences of bringing a US central bank digital currency.

The White House released a statement on March 9. It said that the rise in popularity of virtual assets had created an opportunity to reinforce American leadership in the financial systems worldwide.

The statement mentioned that despite the rise of digital assets and technological advancement, it is important to think about consumer protection, national security, financial stability, and climate risk.

Last year, White House officials had said they were exploring oversights on the crypto market to deal with the increasing ransomware attacks and other related cyber crimes.

Also Read: Why is FTX Token (FTT) rising?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles