© Reuters
Investing.com – After being stuck below the $40,000 threshold since last Friday, the price has risen sharply since last night, in a movement that suddenly accelerated around 4:20 am.
In the space of 30 minutes, the price has indeed gone from around $39,500 to peak at $41,600 for the moment, a jump of 5%. Since yesterday morning’s low around $38,000, the rise in the cryptocurrency has therefore reached almost 10%.
Without being able to link with certainty what follows with the sudden rise in Bitcoin, it should be noted that it occurred following the publication of a statement on the US Treasury website. In this statement, which has since been deleted because it was probably published too early by mistake, the Treasury warns that President Biden will sign an “executive order” on cryptocurrencies this Wednesday, March 9.
“President Biden’s landmark executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses. It will also address the risks associated with illicit finance, protect consumers and investors, and prevent threats to the financial system and the wider economy,” the statement read.
Note that it was widely anticipated that President Biden would soon sign an executive order on cryptocurrencies, which had raised fears. However, statements released briefly by the US Treasury suggest that the United States will take a less restrictive than expected approach to cryptocurrencies, which seems to relieve cryptocurrency investors.
From a technical point of view, the study of the daily chart, however, always calls for caution. Indeed, the area around $45,000 has been a key obstacle since the beginning of the year, and only a return above these would significantly improve Bitcoin’s profile in daily data.
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