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Today’s Cryptocurrency Headline

The Biden administration is drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be submitted to President Joe Biden in the coming weeks. The strategy could be released as early as next month. Senior administration officials have held multiple meetings on the plan, according to people familiar with the matter. The directive will detail the economic, regulatory and national security challenges posed by cryptocurrencies. It will guide various federal agencies in weighing their assessments of cryptocurrency risks and opportunities. They will be required to submit a report on their findings in the second half of 2022.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to CoinShare, digital asset investment products saw inflows totalling $14.4 million during the seven days through Jan. 21, ending a streak of five straight weeks of outflows. Panic selling continued in the crypto market earlier today, with bears pulling BTC price to an intraday low of $33,000 by midday. BTC then quickly rebounded to $36,000 in the afternoon. However, the short term relief rally does not indicate the bearish sentiment is over.

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