Crypto Wrap: Markets Stabilize Ahead of Biden's Executive Order

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Crypto Wrap: Markets Stabilize Ahead of Biden's Executive Order

By Oliver Gray 

Investing.com - Cryptocurrency markets stabilized during Wednesday’s APAC deals, following recent volatility surrounding the war in Ukraine as commodity prices surged across the board, while investors nervously prepared for a long-awaited crypto executive order by U.S. President Joe Biden that will outline the country's approach to regulation in the cryptocurrency space.

Biden is set to issue the order this week, which will direct federal agencies to examine potential regulatory changes as well as the national security and economic impact of digital assets. The White House’s approach to crypto has attracted fresh attention in recent weeks as Washington and its allies have levied sanctions on Russia as concerns rise that firms and individuals there could use crypto to evade the restrictions.

Meantime, war in Ukraine and and the tightening of Western sanctions against Russia have made cryptocurrency a hot potato for international politics, as crypto trading surges in popularity both in sanction-stricken Russia and war-torn Ukraine. Crypto exchange Coinbase (NASDAQ: COIN ) blocked over 25,000 Russia-linked addresses on Monday, believed to be linked to illicit activity, while Binance has started investigating and blocking accounts of people who are known to be close to individuals targeted by sanctions.

On the cryptocurrency markets, Bitcoin added 2.06%, Ethereum was up 3.99%, Binance Coin added 1.51%, XRP gained 0.57%, Cardano lifted 0.21%, Solana climbed 1.89% and Avalanche increased 2.74%.

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