Bitcoin, Ethereum, Cardano, BNB, XRP, Solana and Dogecoin brace for massive earthquake amid massive price pump

With bitcoin and cryptocurrencies soaring across the board, the US government is weighing a regulatory campaign for cryptocurrency, according to reports.

The price of bitcoin has increased by 20% over the past month, adding more than $10,000 per bitcoin. Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin all followed a rally in the price of bitcoin, helping the combined cryptocurrency market surge to over $2.3 trillion.

Amid cryptocurrency price volatility, the Biden administration is considering an executive order that would see a set of new rules related to bitcoin and cryptocurrency, Bloomberg reported, citing anonymous sources familiar with the matter.

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More Forbes Billionaire ‘SPAC King’ Reveals His Huge Bet on Bitcoin and Predicts Bitcoin Price Will Rise While Displacing Gold

The Biden administration is reportedly considering an executive order that would mean… [+] Increased censorship of Bitcoin and cryptocurrencies even as the price of Bitcoin rises, boosting Ethereum, Cardano, BNB, XRP, Solana, and Dogecoin.

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The executive order, which is still under consideration, will see federal agencies tasked with making recommendations on bitcoin and cryptocurrencies and touch on “financial regulation, economic innovation, and national security,” Bloomberg told White House insiders who added a “crypto czar” could be appointed “to coordinate the agencies’ work on digital currencies.

A Biden administration official told the newsletter that even if the executive order is not issued, it will still announce the overall US cryptocurrency strategy.

In recent months, pressure has been mounting on regulators in the US and around the world to rein in a bitcoin and cryptocurrency market that has grown by nearly $2 trillion this year alone and was pushed into the national spotlight for use in the colonial pipeline in May. Ransomware attack.

Over the summer, the crypto community revolted against the Treasury Department’s push for new tax reporting requirements on cryptocurrency as part of President Joe Biden’s multi-trillion dollar infrastructure package.

Treasury Secretary Janet Yellen said the government should create a regulatory framework for stablecoins, cryptocurrencies pegged to traditional currencies or real-world assets that act as a key onramp for crypto investors, while influential US Senator Elizabeth Warren called on regulators to speed up the review. The impact of cryptocurrencies on the stability of the financial system.

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More Forbes Wall Street Giants Suddenly Accumulate Bitcoin And Crypto Amid $500 Billion Price Pump

The price of Bitcoin is up 20% since this time last month, rising from lows of under $40k… [+] per bitcoin to more than $55,000. Meanwhile, the price of Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, solana, and dogecoin all rose.

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However, the chairman of both the Federal Reserve, Jerome Powell, and the Securities and Exchange Commission (SEC), Gary Gensler, recently said that the United States would not follow China’s lead in trying to ban bitcoin and cryptocurrencies.

In September, China expanded a previous ban on bitcoin and cryptocurrency mining, cracking down on all cryptocurrency trading activities. The move caused the price of Bitcoin to drop sharply although it has rebounded since then, along with the price of smaller coins such as Ethereum, cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin.

Elsewhere, the Bank of England said this week that greater regulation of bitcoin and cryptocurrency is needed as cryptocurrencies become more integrated into the UK financial system, and the Bank for International Settlements, the organization representing most of the world’s central banks, has published preliminary guidance on how to conduct that. Regulators can supervise bitcoin and cryptocurrencies.

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