Bitcoin Tops $42k After Yellen’s Crypto Statement

Bitcoin rallied early on Wednesday after U.S. Treasury Secretary Yellen statement.

“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in a statement, which was scheduled for release on Wednesday, but was published on late Tuesday.

“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen added.

Shortly after Bitcoin reached $42,000 and even the other altcoins rallied up to 10%. The second-largest cryptocurrency Ethereum enjoyed similar bullish momentum, hitting $2,800 and marking a rise of 7.7% over the past 24 hours.

Yellen also highlighted the importance of addressing risks related to the illicit use of cryptocurrencies and consumer protection, both of which have been hot topics for the administration when it comes to reigning in the industry. These objectives will be pursued via “interagency” collaboration, according to Yellen.

It looks like finally the Crypto world found a moment of ‘’peace’’ after weeks of high volatility because of Russia-Ukraine conflict. BTC is for the first time above $40k since 4th of March. Investors reacted directly to this statement as now the most famous cryptocurrency is pushing beyond $42k.

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