Bitcoin Up, as the White House Announces Plan to Regulate Cryptos
Executive Order on Digital Assets
The White House just announced that US President Biden will be signing an Executive Order on ensuring responsible innovation in digital assets, including cryptocurrencies.
The regulation aims to address the risks and harness the potential benefits of digital assets and their underlying technology, laying out a six key priorities: consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.
The announcement was largely expected, as the US Department of Treasury had jumped the gun yesterday, publishing a statement by Secretary Yellen, which was dated March 9. The statement was taken down and republished again today.
Ms Yellen noted that the President's plan "will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses". [2]
Last week, the United States had sought to ensure that cryptocurrencies will not be used by Russia for evading recent sanctions imposed by Western countries, in retaliation for the invasion of Ukraine.
BTC/USD Reaction
The regulation announced today seems to have been well received by the industry, while BTC/USD is having a very good day, gaining around 9% at the time of writing. This gives it the chance to take another crack at the key 44,700-46,723.
This includes the 200Days EMA, last month's highs and the 38.2% Fibonacci of the drop from November's record highs to this year's lows. Daily closes above theis level can open the door to a further advance towards 50,000-50,981.
We are cautious at this stage though, since the 200Days EMA has contained its ascending aspirations in multiple occasions recently. This may create renewed selling pressure and lead to fresh March lows (37, 147), but a catalyst will be needed to threatens those of the year (32,939).
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 11 Apr 2026 https://home.treasury.gov/news/press-releases/jy0644 |
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