Crypto Market Outlook Bitcoin: Early Bullish Signal?

Author: Joshua Aldio, Business Associate Tokenomy

A presidential executive order on cryptocurrencies would “support responsible innovation” as it coordinates U.S. policy across agencies, Treasury Secretary Janet Yellen said late Tuesday in a statement.

A presidential executive order on cryptocurrencies would “support responsible innovation” as it coordinates U.S. policy across agencies, Treasury Secretary Janet Yellen said late Tuesday in a statement.

In a press release dated March 9 but published on March 8, Yellen said the department’s work in line with the executive order would “complement” its ongoing and existing efforts. The executive order is widely expected to be signed by U.S. President Joe Biden on Wednesday.

“Under the executive order, the Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen said. “… because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

Yellen said the department would also continue its work with the Financial Stability Oversight Council, which convened last year to discuss stablecoins. The group published a report identifying stablecoins and decentralized finance as two risk areas for U.S. financial stability last December.

The Treasury Department has overseen a number of other efforts to discuss crypto regulations, most notably a President’s Working Group for Financial Markets report on stablecoins. The report was published last year and asked Congress to pass legislation giving federal bank regulators explicit oversight jurisdiction for the stablecoin sector.

Bitcoin Technical Analysis

As we can see on the chart, Bitcoin’s price has been increasing on Wednesday, 9 Mar 2022 confirming the pattern “Inverted Head and Shoulders”. We foresee that Bitcoin’s price will be potentially moving in rally upside to $42,000 as the nearest supply area.

Trading Call : Sell Limit at $42,000 (short range trade)

Traders and investors can utilize the Dual Currency Deposit in Tokenomy to place pending orders and earn some yield while waiting for the order to be executed.

Referensi DCD : USDT/BTC at $42,000

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