2 Reasons Why Bitcoin (BTC) Price is Up 9% Today

Bitcoin (BTC) price is up nearly 9% higher today to return to trade above the $40,000 handle. Similarly, Ethereum (ETH) price is trading around 6.5% in the green.

First, the total cryptocurrency market has moved higher today after a statement by the Treasury Secretary Janet Yellen prematurely appeared on the Treasury website, saying that a pending executive order on digital currencies from the U.S. President Joe Biden "calls for a coordinated and comprehensive approach to digital asset policy (that) will support responsible innovation."

The total cryptocurrency market cap is up by around $100 billion to now trend above $1.8 trillion.

The statement, which remained published on the website for a short period and was taken down later, eased investor concerns about the tightening of U.S. regulations around virtual assets.

On Monday, major media outlets reported that President Biden is expected to sign an executive order this week instructing the U.S. Treasury, Justice Department, and other agencies to start exploring the legal and economic effects of developing a U.S. central bank digital currency.

Second, crypto prices are supported by a risk-on rally that is seen across all markets this morning. All three major indexes in the United States are up while gold and oil trade in the red as investors continue to digest minute-by-minute news from Ukraine.

By Senad Karaahmetovic | [email protected]

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