US President’s executive order on cryptocurrencies gives relief to investors

US President Joe Biden has issued an executive order regarding government surveillance of cryptocurrencies. This has raised a new hope among crypto investors. The biggest crypto currency bitcoin benefited the most from this positive news.

cryptocurrency

After a long time, a good news has come for crypto investors who are in tension due to the decision to impose 30 percent tax on virtual digital assets in India. president of america Joe Biden (Joe Biden) cryptocurrencies (cryptocurrency) But an executive order has been issued regarding government surveillance. This has raised a new hope among crypto investors. The biggest crypto currency bitcoin benefited the most from this positive news. on Wednesday bitcoin (Bitcoin) saw a tremendous rise of 10 percent and it reached above $ 42,000. However, it declined again on Thursday amid fears that the Russo-Ukraine war would not end soon.

After the executive order signed by President Joe Biden in the US, the government will assess the advantages and disadvantages of launching a central bank digital dollar. She will also find out the risk associated with it.

Bitcoin hit a record high of $68,000 in November 2021

This is bitcoin’s highest level since March 2. Apart from bitcoin, the other major cryptocurrency ether has also seen an increase of eight percent. The price of bitcoin reached a record high of $68,000 in November last year. There has been a big decline from this level. Because of this the market capitalization of cryptocurrencies has also fallen. Its market cap has come down to $ 2 trillion. According to a report by market research company Chainalysis, there are currently 15 million crypto investors in India and our country is the second fastest growing market for crypto currency.

Indians have invested around 400 billion rupees in crypto!

According to another report, the value of people’s investment in crypto in India is about 400 billion rupees. However, there is no official data available regarding the size of the country’s crypto market. This development related to crypto currency in America has also raised new hope among crypto customers in India. People investing in crypto were disappointed with the decision to impose 30 percent tax in the budget because if someone has made a profit of Rs 1,000 from crypto, then he will have to pay 30 percent tax, surcharge and cess together with about Rs 420. In such a situation, the positive outlook of the US government may also have some impact on the policy regarding crypto in India in future, which crypto customers can expect.

Pranav, Money9

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