Crypto market update: Crypto surges on Biden regulation speculation

Bitcoin surges on prospect of less punitive cryptocurrency regulation

Bitcoin illustration                                 
Bitcoin and Ethereum still trade below where they stood 7 days earlier - Photo: Shutterstock
                                

The cryptocurrency market jumped up on Wednesday as investors and traders reacted to the prospect of the United States pursuing a more accommodating approach to regulation than feared.

Although it does not outline specific attitudes or call for new regulations, President Joe Biden’s executive order directs federal agencies to coordinate their approach to the burgeoning sector.

Bitcoin surged by 8.5% to $42,084. Its market capitalisation increased by the same amount to $799bn, $64bn higher than 24 hours before. The world’s first and largest cryptocurrency still stood 5.6% below the level at which it stood a week earlier.

Ethereum traded 6% higher at $2,733, with market capitalisation of $327bn. The world’s second-largest cryptocurrency has nonetheless stood 9% below the level at which it traded seven days earlier.

Among the other prominent cryptocurrencies, Terra Luna and Monero enjoyed some of the largest gains, rising by 22% and 17% respectively.

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The capitalisation of the total cryptocurrency market rose by 6% in 24 hours to $1.84trn, its highest level in five days.

Bitcoin to US Dollar
Daily change
23307.9
Low: 23140
High: 23363.7

Largest gainer

Across the wider crypto asset space, Kawakami enjoyed the largest gain, rising by 320% to $0.0000009014. The cryptocurrency for the decentralised meme-inspired ecosystem nonetheless stood 99% below the $0.00008771 all-time high it enjoyed in November.

Largest loser

DePo suffered the largest loss, plunging by 98% in 24 hours to $0.0006346. The currency for the decentralised multi-market aggregator and trading terminal has fallen by 99.8% from the $0.308 all-time high that it reached in January.

All prices correct as of 15:00 (GMT).

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