The Value of Crypto-related Companies Soars After Biden’s Executive Order

10.03.2022 07:17
by Nina Petrov
2 min read

The market seems to be reacting well to Joe Biden’s recent executive orders. 

Two days ago, US president Joe Biden signed a document that directs federal agencies to start creating a regulatory framework for digital assets. The possibility of introducing a digital dollar is also being considered.

In the meantime, as the public trust in the crypto market grows, companies such as Coinbase and MicroStrategy experience a rise in market price (+10.5% and +6.4% respectively). 

Also, ETFs (exchange-traded funds) enjoy positive growth. ProShares Bitcoin Strategy ETF gained 10%, similarly to Valkyrie Bitcoin Strategy ETF with 10.3% growth. 

On the other hand, mining companies are having a positive balance as well. Shares of Marathon Digital Holdings Inc. went up by 13.5%, while the value of Riot Blockchain Inc. grew by 11.2%.

However, it is worth noting that 10-15% growth still doesn’t make up for last year’s grand dips in value. Namely, Coinbase is still worth almost 48% less than it was in April 2021, while Riot Blockchain’s value is still 76% lower than it was last February.

The value of cryptocurrencies also grows. Following Biden’s press conference, Bitcoin (BTC) jumps by 9%, while Ethereum (ETH) had a bit better result with around 11.5%. However, today, both cryptocurrencies dropped around 5% in value. 

At the same time, the overall market share kept growing on Wednesday (2.5% gain), regardless of the conflicts in Eastern Europe.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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