Crypto Market Stabilizes Before Biden Issues Crypto Executive Order

 Cryptocurrency markets stabilized in trades at APAC on Wednesday, following recent volatility surrounding the war in Ukraine, as commodity prices rose across the board, while nervous investors braced for a long-awaited crypto-related executive order by US President Joe Biden. This executive order is expected to outline the US approach in the crypto space.

Biden will issue an executive order this week that will direct federal agencies to review potential regulatory changes and the economic and national security impacts of cryptocurrencies. The White House's approach to cryptocurrencies has gained renewed attention in recent weeks as Washington and its allies reimposed sanctions on Russia amid growing concerns that companies and individuals there can use cryptocurrencies to evade sanctions.

Meanwhile, the war in Ukraine and the tightening of Western sanctions on Russia have made crypto a hot potato for international politics, as cryptocurrency trading becomes ubiquitous. both in Russia, the sanctioned country, and Ukraine, the war-torn country. Cryptocurrency exchange Coinbase (NASDAQ:COIN) blocked more than 25,000 Russia-linked addresses on Monday, allegedly involved in illegal activity, while Binance has begun investigating and blocking accounts accounts of people believed to be close to individuals currently subject to sanctions.

In the crypto market, Bitcoin is up 2.06%, Ethereum is up 3.99%, Binance Coin is up 1.51%, XRP is up 0.57%, Cardano is up 0.21%, Solana is up 1.89% and Avalanche rose 2.74%.

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