Cryptocurrency

Bitcoin Jumps Above $41,000, as Crypto Market Goes on a Rampage

Bitcoin Jumps Above $41,000, as Crypto Market Goes on a Rampage

  • Bitcoin rallied on Wednesday as the flagship cryptocurrency added more than 8% to its value under 24 hours, to reach $41,900
  • The rise follows remarks by the U.S Treasury Secretary, Janet Yellen that President Joe Biden will seek to regulate the digital asset industry in a constructive way
  • Along with BTC’s movement, other prominent cryptocurrencies such as Ethereum, Solana, and Terra also added to their values

Crypto traders had threaded carefully lately as many await the next turn in the Russia-Ukraine conflict and a digital asset executive other from U.S President, Joe Biden. But that hasn’t stopped the market from rebounding after last week’s decline.

bitcoin

Bitcoin’s value surged by more than 8% on Wednesday, surpassing the $40k milestone to trade above $41,900. The rise of the flagship cryptocurrency follows news that Biden will seek to regulate the cryptocurrency market in a constructive way by encouraging innovation in the space.

The U.S Treasury Secretary, Janet Yellen revealed in a statement on Tuesday that “A presidential executive order on cryptocurrencies would support responsible innovation as it coordinates U.S policy across agencies,”

Yellen added that the Treasury will partner will interagency colleagues to gather findings regarding the future of money and payment systems.

Read also: NFT Startup Immutable to Invest $200 Million in Blockchain Gaming

Following the announcement, all top digital tokens barring Shiba Inu were trading higher. Terra jumped by more than 15%, Ethereum, added 5%, while Solana added 4%.

The global market cap of cryptocurrencies has jumped to 1.84T, adding 5.3% in the past 24 hours.

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