The crypto market gives a thumbs up to Biden’s crypto executive order which sets to bring clear regulations in place. This is likely to boost institutional participation in the crypto space.
On Wednesday, March 9, the Joe Biden administration signed the much-awaited executive order on cryptocurrencies. The executive order points federal agencies to work on regulations for the crypto space.
This is for the first time that any federal agencies will be directly involved in dealing with crypto. Further, it sets a clear tone of an accommodative stand for digital assets in the US financial system.
On Wednesday, the crypto market reacted positively with Bitcoin (BTC) gaining over 8% and moving past $41,500 levels. Other cryptocurrencies from the altcoin space posted similar gains. The Ethereum (ETH) price surged 8% moving past $2,750 levels. However, Terra’s LUNA marked the biggest gains on Wednesday. The LUNA price shot up by over 20% moving closer to $100 levels.
However, yesterday’s crypto market and Bitcoin rally remain short-lived. As of press time, Bitcoin (BTC) is down 5% dropping under $40,000 once again as volatility hits hard. The broader cryptocurrency market is also trading down 5% but Terra’s LUNA has managed to hold back the losses and is currently trading at $94.