Bitcoin, the world’s largest cryptocurrency, rose back above $41,000 amid a sharp rally in digital tokens on Wednesday.
The coin advanced as much as 8.5% to $41,790 and was near that level as of 12:25 p.m. in Singapore. Ether gained as much as 6.7%, while Terra — another top 10 token — is up 17% in roughly the past 24 hours, according to CoinGecko data.
Bitcoin has been mired in a range of about $35,000 to $45,000 for much of the year. The latest move higher came despite the somber tone in wider markets due to the war in Ukraine and turmoil in commodity markets.
Investors are awaiting President Joe Biden’s executive order due this week, which will outline the U.S. government’s strategy for cryptocurrencies.
In a since-removed statement dated March 9 posted to the Treasury website, Treasury Secretary Janet Yellen said the approach outlined in the order “will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.”
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