Daily Times

The cryptocurrency market bounced back on Wednesday after US President Joe Biden announced his executive order on digital assets that appeared to take a supportive stance towards the industry. Moreover, the news from the geopolitical scenario that Ukraine will not be seeking NATO membership and Russia’s preference to resolve conflict through discussions also improved the market sentiment.

As of 1235 hours GMT, the market capitalisation jumped 6.3 percent to reach $1.93 trillion. The largest cryptocurrency Bitcoin’s (BTC) price jumped by 8.89 percent to reach $42,326. With this increase in price, the market capitalisation of the biggest crypto has reached $801 billion. Bitcoin has shed 4.9 percent during the last seven days. Ether, the world’s second-largest cryptocurrency by market capitalisation, surged by 6.95 percent to reach $2,758.

With this increase in price, the market capitalisation of ETH has reached $324 billion. Ether has shed 7.4 percent of its value over the last seven days.Similarly, XRP increased 4.39 percent to reach $0.758. The market capitalisation of XRP stands at $75.8 billion with this increase. XRP has shed 4 percent during the last seven days. On the other hand, Cardano (ADA) price went up by 5.56 percent to reach $0.854. Its market capitalisation has reached $28.1 billion with this increase. ADA shed 11.4 percent in the past seven days.

Following suit, Dogecoin (DOGE) price gained 3.36 percent to reach $0.123. With this increase in price, the market capitalisation of DOGE has reached $16.4 billion. DOGE has lost 8.5 percent during the last seven days. Biden’s executive order attempts to address the lack of a framework for the development of cryptocurrencies in the US.