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U.S. President Joe Biden on Wednesday signed the first executive order on cryptocurrencies, directing federal agencies to coordinate their approach to the cryptocurrency industry. The executive order aims to address numerous issues within the crypto space, including consumer protection, financial stability, illegal use, global financial sector leadership, financial inclusion, and responsible innovation. The executive order focuses exclusively on the cryptocurrency industry and directs federal agencies to better coordinate their work in the cryptocurrency space. However, it does not list specific positions the U.S. government wants agencies to take.
According to research platform Delphi Digital, OpenSea daily trading volume has recently dropped to $70 million, a 72% drop from its high point, and global searches for “NFT” have seen an even more significant reduction, falling to levels seen in early November last year. Bitcoin soared on March 9 as the Dow futures recovered sharply and United States Treasury Secretary Janet Yellen’s statement on President Joe Biden’s executive order regarding digital assets. BTC closed above the 20-day exponential moving average ($40383), and the relative strength index (RSI) has entered into positive territory today, indicating that the market sentiment may be turning bullish. If buyers sustain the price above the $40,000 price level, BTC could rise to $45,000.
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