Bitcoin (BTC) Reaches Over $42,000 in Value as Biden Unveils Crypto Oversight Plans

The value of the Bitcoin (BTC) cryptocurrency token increased above the $42,000 price point after a rapid surge of value across many digital tokens.

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).

Source: TradingView

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. 

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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).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia