Bitcoin (BTC) rose 8% in the European morning as traders were relieved to learn that the US government under President Biden planned to embrace cryptocurrency with its new digital asset strategy rather than suppress its use.
In a US treasury Press release In a statement today, Janet Yellen, Secretary of the Treasury and Chair of the Federal Reserve, said the strategy would support “responsible innovation” that “could lead to substantial benefits for the nation, consumers and businesses” .
Yellen added: “It will also address the risks associated with illicit finance, protect consumers and investors and prevent threats to the financial system and the economy in general.
“Under the executive order, the Treasury will partner with cross-agency colleagues to produce a report on the future of monetary and payment systems. We will also convene the Financial Stability Oversight Board to assess potential risks to the financial stability of digital assets and determine whether appropriate safeguards are in place.
“And, because the issues raised by digital assets often have significant cross-border dimensions, we will work with our international partners to promote strong standards and a level playing field.”
Short bettors, surprised by the rally, rushed to liquidate positions worth around $95 million, with 88% of short positions closed, based on data from analyst tool Coinglass, like Coindesk reported.
Chao rules out Chelsea Blues
Meanwhile, Changpeng ‘CZ’ Zhao, Chinese-Canadian founder and CEO of Binance – one of the world’s largest crypto exchanges – has now dropped plans to buy UK’s Chelsea Football Club (FC) .
The current owner of Chelsea FC, Russian oligarch Roman Abramovich, has posted a declaration on 2 March, announcing his intention to sell the club after 19 years of ownership, partly in response to growing threats of sanctions, as he felt it would be “in the best interest of the club”.
Abramovich has since promised that the net proceeds from the sale will go to help Ukrainian victims: “I have asked my team to create a charitable foundation where all the net proceeds from the sale will be donated. The foundation will benefit all victims of the war in Ukraine.
As Zhao is currently worth more than $100 billion, according to Bloomberghe was reportedly one of more than a hundred wealthy candidates to take over Abramovich’s club.
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However, although he apparently discussed a possible takeover with Ambramovich, he ultimately ruled out the deal, with a spokesperson close to him. would have giving his reason as simply as running a football club is not “one of his priorities”.
Top Coins by Market Cap
As of 13:00 GMT, cryptocurrencies were trading as follows:
Winners and losers
- Monero (XMR) and terra (LUNA) added 19.7% and 18.7% respectively in the past 24 hours.
- There are no losers among the major cryptocurrencies.