What’s wrong
After launching a featureless and stable transaction on Monday, the top cryptocurrencies are now losing their position. Bitcoin (BTC -0.21% )., Ethereum (ETH -1.33% ).When Dogecoinof (Doge -2.32% ). Tokens have decreased by 2.9%, 5.4% and 4.5% over the last 24 hours, respectively, at 5 pm Eastern Standard Time.
Potential new regulatory developments in the United States were previously not so many, but were responsible for the volatility of the crypto market, but it seems that some major changes are likely to come soon.According to the report from BloombergPresident Joe Biden has signed a presidential order this week instructing federal agencies to investigate potential regulations on cryptocurrencies, and its development is causing it to sell out.
Image source: Getty Images.
So what
Biden is reportedly ordering federal agencies to investigate new regulations in the crypto market and encourage US investigations to develop their own official digital currencies. Presidential directives will also reportly require a deeper investigation into the impact of the rise of digital currencies on national security and the economy.
The White House has reportedly had some cryptocurrency restrictions over the past year, and this week’s presidential directive deployment appears to be at least partly related to Russia’s invasion of Ukraine.
The United States has responded to the invasion of Ukraine with strict sanctions against Russia, which has contributed to the dramatic devaluation of the Russian currency and other economic pressures. However, some speculate that Russian oligarchs and officials may be looking at Bitcoin and other cryptocurrencies to mitigate the effects of sanctions.
Developments related to the invasion of Ukraine appear to have temporarily boosted the bullish momentum of cryptocurrencies at the beginning of trading from the end of last month to March, after first urging sales across the wider crypto space.
Bitcoin price data by YCharts.
Earlier this month, investors bet that decentralized currencies could be favored in the light of the harsh sanctions facing Russia, so Bitcoin, Ethereum Ethereum tokens, Dogecoin, and others Investment has been poured into digital currencies. However, the crypto market now appears to be facing new sales pressures as crypto holders are considering the potential impact of the tighter regulatory environment.
So
Bitcoin remains the largest cryptocurrency in value, with a market capitalization of approximately $ 723 billion. Ethereum’s Ethereum token, on the other hand, is the second largest cryptocurrency with a market capitalization of approximately $ 299 billion. Dogecoin is the 13th largest token in value and has a market capitalization of approximately $ 15.5 billion.
After volatile fluctuations, Bitcoin’s token prices fell sharply last year, while Ether and Dogecoin still rise significantly.
Bitcoin price data by YCharts
Bitcoin was launched in 2009 and helped lead the explosive expansion of the cryptocurrency market. Tokens are now more than a decade old, and while cryptocurrencies have generally made great strides in adoption and acceptance, the crypto space is still somewhat similar to the Wild West.
Cryptocurrencies could be involved in more turbulent transactions in the near future, depending on the content of the presidential directive to be announced this week. However, the grand plan of things is fairly calm and may offer relatively small changes and initiatives that leave the door open for flexible future actions.
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