The US Department of the Treasury revealed a series of measures regarding cryptocurrencies. The administration deleted the statement from the internet shortly after releasing it, and the price of BTC skyrocketed by almost 10%.
The bitcoin price faced a sudden rebound on March 9, after a press release that the US Department of the Treasury published by mistake on March 8. The statement was about to meet its release during the day with the signature of President Joe Biden, as revealed by the White House, so sometime after releasing the announcement, it got deleted from its site.
However, various outlets managed to shelve it before it got deleted, so its content quickly became public and seems to count on an encouraging tone for digital assets. This situation boosted a bitcoin’s price spike from $38,500 to over $42,000, meaning a profit margin of over $3,500, as CoinGecko data currently shows.
The press release is an announcement made by Treasury Secretary Janet L. Yellen. The official highlighted that President Joe Biden’s executive order needs a more comprehensive digital asset policy to back up responsible innovation.
The statement also indicates that these digital assets or cryptocurrencies policies could benefit consumers and companies. And it also suggests that they will deal with the risks that illicit finances pose; their primary goal is to protect users and investors and prevent attacks on the financial and economic structure.
This positive perspective for the industry and the use of digital assets caused bitcoin to reach a high peak in its price. An event that various analysts, such as Bitcoin Archive, Jimbo, and Negentropic, had already mentioned before.
These experts clarified that bitcoin could reach a high peak in price because the minimum price that traders paid had been increasing for more than five weeks.
Contrary to bitcoin, which was up nearly 10% today, gold fell almost 2%, according to Investing data. This decline represents a concern for investors currently flocking to the metal to protect the value of their funds because of the economic crisis that takes shape because of the conflict led by Russia over the Ukrainian Territory.
It remains to see where the price of Bitcoin gains the strength it needs, whether it acts as digital gold or a speculation currency. Depending on that, users expect to observe more fluctuations soon.
The high indebtedness of Western nations, whose administrations have spent well beyond their means recently, especially in 2020 and 2021, leads to a situation that gathers the worst of the 2012 debt calamities with the real estate crisis and financial year 2008.
In the face of these events, the world would be facing the next great global economic crisis because the financial struggles of the United States of America are beating the world economy due to its high economic rate.
The Argentine economist Natalia Motyl also believes there will be a recession in 2023. Since November 2021, she has been warning his followers to fasten their seat belts because there is still more unemployment, inflation, currency devaluation, fiscal deficit, and other calamities to come.
By: Jenson Nuñez
