Bitcoin puts trepidation aside with brisk climb to well above $40,000 | Financial

Bitcoin rose more than 7 percent to $41,392. The largest crypto coin fluctuates this year mainly between a value of 35,000 to 45,000 dollars. Ethereum became almost 6 percent more expensive and litecoin gained 6.5 percent. The value of most crypto coins fell sharply after the Russian invasion of Ukraine, but recovered quickly.

Cryptocurrency investors are awaiting US President Joe Biden’s presidential decision, expected this week, outlining the US government’s strategy for cryptocurrencies. Biden may also announce that the US central bank will investigate the introduction of its own digital currency.

Benefits

In a since-deleted statement on the US Treasury Department’s website, Secretary of State Janet Yellen said the approach outlined in the presidential decision “will support responsible innovation that can deliver substantial benefits to the country, consumers and businesses.”

The US government has been pressured for months to play a greater role in regulating cryptocurrencies. That pressure has increased since the Russian invasion of Ukraine. Russia could use cryptocurrencies to evade Western sanctions. Binance, the largest crypto exchange in the world, is therefore blocking the accounts of Russians that are on the sanction list.

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