The value of the Bitcoin (BTC) cryptocurrency token increased to above the $42,000 price point amid a rapid surge in value across many digital tokens.
The surge comes after the announcement that Washington is working on new ways to put the pressure on Russian President Vladimir Putin by proposing sanctions on Bitcoin (BTC).
President Joe Biden to Sign an Executive Order
U.S. President Joe Biden will reportedly sign an executive order which mandates government agencies to take a closer look at the potential development of the digital U.S. dollar.
The main goal seems to be geared towards taking as much advantage as possible from the benefits of digital assets, while simultaneously addressing the associated risks.
As a result of this, agencies will have from 60 to a maximum of 180 days to submit their reports, after which the administration plans to move quickly to carry out the most advantageous recommendations.
On the Flipside
- Privacy coins including Monero (XMR) and Zcash (ZEC) have also spiked in popularity due to the higher degree of anonymity they offer users.
- XMR jumped by 21%, while Zcash jumped by 17%, according to data from CoinGecko.
Why You Should Care
Due to the heightened level of regulations set to be imposed on cryptocurrencies, crypto enthusiasts may start switching to privacy coins. The downside to this is that privacy coins are largely based on networks that are less decentralized and less secure than Bitcoin (BTC).