[Bitcoin Now] Rising on Expectations of Eased US Cryptocurrency Sanctions

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices are showing an upward trend amid expectations of eased U.S. cryptocurrency sanctions.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:37 a.m. on the 10th, the price of Bitcoin recorded $40,925 (approximately 50.27 million KRW), up 3.82% from the previous day.

Bitcoin prices rose following the release of a statement by U.S. Treasury Secretary Janet Yellen. The previous day, the U.S. Treasury Department's website posted and then removed a statement saying, "(The cryptocurrency-related executive order) will support responsible innovation that can benefit the country." The release of this statement sparked expectations of eased sanctions. Due to concerns that Russia might use cryptocurrency as a means to evade economic sanctions, there are speculations that U.S. President Joe Biden will sign an executive order on cryptocurrency transaction regulations sometime this week.

Furthermore, analysis suggests that the price increase was also driven by President Biden signing an executive order directing federal government-level cryptocurrency research. The White House stated in a press release, "Digital assets have recently shown explosive growth, which is an opportunity to strengthen U.S. leadership in the global financial system," and added, "This first executive order establishes a broad government-wide approach to the risks and potential benefits of cryptocurrency."

Meanwhile, as of 11:50 a.m. on the same day, the digital asset Fear & Greed Index by Dunamu, the operator of the cryptocurrency exchange Upbit, recorded 46.40, indicating a 'neutral' stage. Dunamu's digital asset Fear & Greed Index is divided into 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased interest in buying by market participants, whereas moving toward fear indicates a fear of asset decline, leading to market exits and a chain reaction of price drops.

This content was produced with the assistance of AI translation services.