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Bitcoin, altcoins stabilise ahead of Biden’s crypto executive order

Bitcoin rose above the $39,000 mark – growing by over 2 per cent in the last day – with US President Joe Biden expected to sign an executive order that would outline the government’s strategy for cryptocurrencies.

The White House is also expected to direct government agencies to study the legal and economic consequences of creating a US central bank digital currency following the signing of the order.

Amid these moves expected from the US government this week, ethereum has grown by over 3 per cent in the last 24 hours, but is still down by over 10 per cent compared to its value a week earlier.

The prices of altcoins cardano and solana, as well as memecoins dogecoin and shiba inu have risen by less than 1 per cent in the last day.

The overall crypto market has slightly stabilised, growing by over 2 per cent in the last day, and valued at about $1.76 trillion.