Remarks by U.S. treasury chair Janet Yellen are apparently having a positive effect on Bitcoin markets.
Bitcoin, previously impacted by downward pressure, rallied significantly overnight.
“Bitcoin (BTC) advanced early on Wednesday, boosting the entire crypto market, as US Treasury Secretary Janet Yellen’s inadvertently disclosed remarks indicated that US President Joe Biden’s long-awaited crypto directive will take a constructive approach to regulating the digital asset sector,” writes Jet Encila at NewsBTC. “The crypto order requires steps to foster innovation while managing industry risks. The secretary’s statement appeared in print a day early, reportedly because of a an error, and was promptly removed, but was retained on a web cache.”
Having the U.S. treasury on board, analysts suggest, is likely to pump up the cryptocurrency market somewhat.
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In exploring news of this “crypto directive,” Encila reveals that a detailed report by Yellen and others might pretty precede an executive order by the president streamlining crypto regulation.
For her part, Yellen has also been prominent in exploring the potential of digital assets like NFTs, as in her recent appearance on Saturday Night Live where actors impersonating celebrities talked about the nature of non-fundable tokens and their market.
“The skit is a sign NFTs have captured the public’s imagination, as the National Football League’s Patrick Mahomes and Rob Gronkowski as well as other celebrities have created and sold the tokens, sometimes for staggering amounts,” writes Kevin Reynolds at Coindesk. “But it could be a sign of a market top.”
If you are a fan of either crypto or NFTs, pay attention to what American officials are saying, because things like the new SNL sketch and other entertainment and social media trends suggest that we are closer to making these digital assets more part of our financial lives.
