The crypto market has finally rallied on Wednesday, after a week of consolidation, with major cryptocurrencies including BTC, ETH, ADA, LUNA, SOL, and others rising more than 5%. Equity markets have also recorded splendid gains as Russia opens humanitarian corridors, however, some Asian markets fail to take part in the rally.
Moreover, Bitcoin price soared above $42k after a press release leaked on The Treasury Department’s website containing President Biden’s historic 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.
Heavy Gains In The Crypto and Equity Market
The crypto market cap rises 5.94% in the last 24 hours. At the time of writing, Bitcoin is trading at $42k, nearly 8% higher, while Ethereum, XRP, Terra are trading nearly 6%, 4%, and 20% higher, respectively.
Also, privacy coins Monero (XMR), Zcash (ZEC), and Secret (SCRT) are up 19%, 18%, and 15%, featuring in the top five coins in terms of gains, respectively.
Traders are still awaiting the final executive order, but the quick Treasury statement, which appeared supportive of cryptocurrencies, was enough to boost sentiment in the crypto market.
“The leaked Treasury statement has been welcomed by the crypto market as it seems to focus on the development of the industry, rather than on imposing unrealistic regulations,” said Yuya Hasegawa, market analyst at Japanese cryptocurrency exchange Bitbank.
U.S. Treasury Secretary Janet Yellen applauds the crypto executive order calling it ‘historic’ and the one that strikes the balance between responsible innovation and addressing consumer protection needs. As per details, Yellen says:
“President Biden’s historic 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 risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
Moreover, DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta also believes private cryptocurrencies like Bitcoin will continue to emerge as a meaningful store of value.
While the crypto market shoots higher, on the other side, the Asian equity market opened mixed considering the ongoing Russian-Ukraine crisis, with benchmark indices and futures suggesting a positive outlook amid uncertainty. Indian and European markets rose after reports of Russian humanitarian corridors opening surfaced by median outlets.
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