Profit Booking in Bitcoin, Ether After Biden Issues Crypto Order

Bitcoin jumped to over $42,400 before falling to $42,115 as traders took profits on the sudden move. Ether similarly moved to $2,762 a $20 drop. Ether previously reached $2,773 in early Asian hours, data show.

The move followed the upward trend from early Asian hours when bitcoin jumped to over $42,484 from Tuesday’s lows of $38,100. An inadvertently published statement from Treasury Secretary Janet Yellen said that presidential executive order on cryptocurrencies would “support responsible innovation.”

Wednesday’s executive order, the first such to focus exclusively on the growing digital asset sector, directs federal agencies to better communicate their work in the digital asset sector without laying specific positions the administration wants agencies to adopt, as reported.

Crypto markets added 6.3% in the past 24 hours following reports of the executive order. Broader markets saw similar moves, America’s S&P 500 futures added 1.6% while Europe’s Stoxx 600 3.12% to extend Tuesday’s gains.

Bitcoin is up nearly 9% in the past 24 hours. However, it continues to be rangebound between the $38,000 and $44,300 range, data show.