India’s finance minister says the country will establish a central bank digital currency sooner than originally stated; cryptocurrency prices surge as investors regard the Biden administration’s executive order as a favorable sign.
Here’s what’s going on:
Following US President Joe Biden’s executive order, the price of bitcoin, ether, and other major cryptos skyrocketed.
Insights: On Wednesday, the signals for cryptocurrency in India, South Korea, and other parts of the world all pointed upward.
BTC appears to be overbought on intraday charts, according to the technician.
Bitcoin (BTC) prices are $42,020, up 3.2 percent.
Ether (ETH): $2,729 +1.6%
StellarXLM+9.3%Smart Contract PlatformBitcoin CashBCH+8.5%CurrencyBitcoinBTC+8.4%Currency
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Following an executive order, prices have risen.
On Wednesday, crypto saw a gusher after nearly five days of bad news and declining prices.
With the announcement of US President Joe Biden’s executive order on cryptocurrency, the drumbeat of horror stories from Ukraine, persistent anxiety over inflation and energy supply, and ambiguity about crypto regulation faded for the first time.
The document contained few details, but it allayed many investors’ fears that the government would take a cavalier attitude, stifling innovation and preventing consumers and financial institutions from investing further. Last year, these organizations, notably institutions, supported the enormous rise in bitcoin, ether, and other big cryptos.
The stock market despises uncertainty “According to CoinDesk TV’s “First Mover” program, John Sarson, CEO, and founder of Sarson Funds, a provider of blockchain and crypto investing products and services, continued, ” “For a long time, we’ve predicted that this executive order will serve as a catalyst for a crypto market rise, and that’s exactly what we’re seeing now.
Bitcoin, the most valuable cryptocurrency by market value, was recently trading at over $42,000, up around 3% in the last 24 hours. Ether, the second-largest cryptocurrency by market capitalization, was trading at over $2,700, up around 1.5 percent during the same period.
Both bitcoin and Ethereum were trading at significantly greater levels earlier in the day on Wednesday. All of the other cryptos in CoinDesk’s top 20 by market cap were in the green, with the majority of them in the black.
Read More: Regulators And Industry leaders React To Biden‘s Executive Order On Crypto
