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Crypto news: Biden to sign order on US crypto strategy

By Daniela Ešnerová


Updated

Joe Biden and flags of the United States of America in the background
The order will direct federal agencies to study potential regulatory changes – Photo: Shutterstock

US President Joe Biden is set to sign an executive order that would outline an all-government strategy on cryptocurrency this week, according to Bloomberg. The order will direct federal agencies to study potential regulatory changes as well as cryptocurrency’s impacts on security, economy and financial stability. 

The sweeping order would also examine central bank digital currencies (CBDC) and the environmental impact of cryptocurrency mining.

The Federal Reserve would examine CBDCs. On 22 January, the Fed's Board had opened a consultation on CBDCs.

The Environmental Protection Agency and Office of Science and Technology Policy would conduct a study on the environmental impact of digital assets, according to Yahoo Finance. The individual agencies are expected to report their conclusions later this year. 

BTC/USD

64,486.25 Price
-0.390% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.62 Price
+5.720% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,416.39 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

376.70 Price
-3.000% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

The order, which had been in works since last year, was expected to be signed at the end of February, the week that Russia invaded Ukraine.

Quote of the day

Michael Saylor, an outspoken crypto advocate and chief executive of Macro Strategy, the world’s biggest corporate owner of BTC said

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Top coins by market capitalisation

As of 06:00 GMT

Winners and losers

  • Waves (WAVES) jumped a whopping 30% over the last 24 hours.
  • Fantom (FTM) was down 28% week-on-week. The altcoin fell after its developer Andrew Nell announced it would “terminate” a host of applications including Fantom. “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 applications and services that we are terminating on 03 April 2022,” Nell wrote on Twitter yesterday.

Markets in this article

BNB/USD
Binance Coin / USD
578.22 USD
-3.08 -0.540%
BNB/USD
Binance Coin / USD
578.22 USD
-3.08 -0.540%
BTC/USD
Bitcoin / USD
64486.25 USD
-249.85 -0.390%
ETH/USD
Ethereum / USD
3416.39 USD
-26.26 -0.760%
FTM/USD
FTM/USD
0.52488 USD
-0.00337 -0.650%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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