The executive order did not end somewhere good!
"Volatility" is the word that you can hear it too much in the past weeks, especially after the Russian attack on Ukraine and ahead of the Biden administration`s executive order on crypto, which finally turned out to be a "nothing burger." This news made a short-lived 10.42% gain in BTC price to an intraday high of $42,606, but market risk and caution made its return back to its known levels of the past weeks.
As you know, President Joe Biden signed an executive order on Wednesday, making federal agencies to re-write their policies or create new rules related to cryptocurrencies and other digital assets.
This order overall, highlights six priorities of Biden administration in the digital asset space, including:
- Consumer protection
- Financial stability
- Illicit finance
- Economic competitiveness
- Financial inclusion
- Innovation,
While we were waiting to have something more clear from the White House, this order gave us nothing than telling us that we are just in the very first steps of a long way, very complex policy-making journey.
After mentioned news and data, BTC increased first, and then lost more than 10% from its Wednesday high towards 38,240 USD, which is the first support at the moment, and breaching under this level will pit the 37 and then 33K in the spotlight. For now, we do not have enough supportive factors in the market to lift the prices, therefore from both technical and fundamental points of view, we are still in a clear downtrend unless the asset can prove itself above 44.6K, which is still the key resistance in the bulls` way.
