Bitcoin Skyrockets after Biden Signs Executive Order on Cryptos

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) took bids on Wednesday following US President Joe Biden’s signature of an executive order that requires government agencies to analyze the risks and benefits of creating a central bank digital dollar and other crypto-related matters.

According to Reuters, in Biden’s order, the Treasury Department, the Commerce Department, and other key agencies must prepare reports on ‘the future of money’ and the impact of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

“With the recent sanctions regime in place as a result of the war in Ukraine, it is doubly imperative that we have a regulatory framework in place for digital assets that counters illicit finance, and prevent risks to financial stability and national security,” Michael Pierson, the Managing Partner at law firm FisherBroyles, said about the executive order.

To deal with the growing threat of ransomware and other cybercrimes, the White House said it was considering broad-ranging oversight of the cryptocurrency market. Thus, virtual currencies could be adopted by the US financial system as a result of this executive order.

“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” the US Treasury Secretary, Janet Yellen said. “We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field,” she added.

Bitcoin Price Action

As of press time, Bitcoin exchanges hands at $42,046, trading up 8.50% on the day and consolidating gains above the 200-hours simple moving average.

Now, BTC faces the resistance of around the $42,400 threshold, where sellers are active at that point. On the downside, the nearest support levels lie at $40,800 and $40,000.