Bitcoin jumps after apparent Yellen statement quells US clampdown fears

Bitcoin jumps after apparent Yellen statement quells US clampdown fears

by Joseph Anthony
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Bitcoin led a rally in cryptocurrencies on Wednesday after what appeared to be a prematurely published US Treasury statement allayed market worries about a sudden tightening of US rules around digital assets.

In a statement that briefly appeared on the Treasury website before it was taken down, Treasury Secretary Janet Yellen said a still-pending executive order on virtual currencies from President Joe Biden โ€œcalls for a coordinated and comprehensive approach to digital asset policy (that) will support responsible innovation.โ€ CoinDesk carried an archived version of the release.
The US Treasury Department did not immediately respond to Reutersโ€™ emailed request for comment about the statement outside of business hours.
Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a US central bank digital currency, a source familiar with the matter said on Monday.
The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market โ€“ including an executive order โ€“ to deal with the growing threat of ransomware and other cybercrime.
The statement โ€œseems to indicate that (US authorities) wonโ€™t be taking any swift, major regulatory actions as yet, and will likely be taking a more coordinated and objective approach over time,โ€ leading cryptocurrencies to rally, said Matthew Dibb, COO of Singapore crypto platform Stack Funds.
Bitcoin climbed 7.2 per cent to $41,515, on track for its biggest gain since Feb. 28, while smaller peer ether added 5.3 per cent to $2,715, also set for its best day this month.
REUTERS

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