Bitcoin (BTC) held onto swift gains at the Wall Street open on March 9 as nerves over U.S. regulatory moves calmed.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Executive order enters with a whimper
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining $42,000 into the start of trading Wednesday.
The pair had shrugged off the latest round of macro tensions to add over 11% in 24 hours, among the best movers in the broader crypto market.
Despite mixed feelings over the real significance of the move among traders and analysts, fresh information about U.S. President Joe Biden’s executive order on cryptoassets appeared to allay some of the market’s fears.
An accompanying fact sheet seemed to point to the order being more investigative than draconian, making the White House’s latest efforts decidedly unlike last year’s Infrastructure Bill.
“The Administration will continue work across agencies and with Congress to establish policies that guard against risks and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with the private sector to study and support technological advances in digital assets,” it concluded.
Reacting, Bill Barhydt, founder and CEO of payment gateway Abra, called the order a “nothing burger with a side of psychobabble” and said that Bitcoin was rallying as a result.
The fact sheet itself did not mention “Bitcoin” at all, referring only to “digital assets” and “cryptocurrencies.”
“Today, POTUS signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability,” Gary Gensler, chair of the Securities and Exchange Commission (SEC), wrote on Twitter.
Among the order’s plans was a pledge to further research into a central bank digital currency, or CBDC, on the part of the U.S. government.
Range resistance not tipped to be broken
Buoyed by the events, BTC price action thus allowed…