Bitcoin price rises as Biden to sign executive order on crypto strategy
Bitcoin is down more than 7% month-to-date and off more than 16% year-to-date
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Bitcoin is back on the rise after snapping a five-day losing streak on Tuesday.
The cryptocurrency picked up 1.78% to $38,544.78 and was trading around $41,000 Wednesday morning.
Bitcoin has a history of volatility and is down more than 7% month-to-date and off more than 16% year-to-date.
President Biden is expected to sign an executive order on Wednesday outlining a strategy for cryptocurrencies.
Biden's order calls for a 180-day deadline for reports on "the future of money" and the role that cryptocurrencies will play.
BIDEN TO SIGN EXECUTIVE ORDER TO OUTLINE US CRYPTOCURRENCY STRATEGY
There has been concern about Russia's use of cryptocurrencies to get around Western sanctions that have cut Russia off from large portions of the global economy.
President Joe Biden and the White House COVID-19 Response Team participate in a virtual call with the National Governors Association from the South Court Auditorium of the Eisenhower Executive Office Building of the White House Complex on Monday, Dec (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)
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Part of the executive order will ask the Justice Department to look at what is needed to create a digital currency.
The executive order could also help regulators with ways to bring cryptocurrencies under their watch.