- The cryptocurrency market remains flat in anticipation of Biden’s pending executive order.
- The 24 hour price movements of the top 10 cryptocurrencies remain below 3%.
- The cryptocurrency market is still feeling the effects of the sell-off triggered by the Russia-Ukraine crisis.
The cryptocurrency market remains relatively flat in anticipation of US President Joe Biden’s pending executive order.
President Biden is expected to sign an executive order this week that will serve as the first step towards regulating how digital currencies are traded in the US.
This move by the president comes after raised concerns by administration officials regarding Russia’s use of cryptocurrency to evade the impact of crushing sanctions following its Ukraine invasion.
According to two anonymous sources familiar with the process, the executive order is expected to be issued this week and had been in the works long before the war between Russia and Ukraine.
The order is expected to describe what policies and regulations need to be developed for digital currencies by government agencies such as the Treasury Department. The executive order will also include a request for the State Department to ensure the American cryptocurrency laws are aligned with those of US allies.
As can be seen from the above screenshot taken of CoinMarketCap, the top 10 cryptocurrencies by market cap do not indicate a clear direction of which way the market will be heading when looking at the 24-hour price movement of the currencies.
The market is relatively flat in terms of price movement as the price of the top 10 cryptocurrencies does not exceed more than 3 percent in either direction – which is a rare occasion in the cryptocurrency space.
In other news, the prices of all of the top 10 cryptocurrencies are still feeling the selling pressure caused by the recent Russian invasion on Ukraine as the majority of the top 10 cryptocurrencies are down by double digits.