What happened
After starting Monday with uncharacteristically stable trading, top cryptocurrencies are now losing ground. Bitcoin ( BTC 1.55% ), Ethereum ( ETH 1.85% ), and Dogecoin‘s ( DOGE 2.07% ) tokens were down 2.9%, 5.4%, and 4.5%, respectively, over the previous 24-hour period as of 5 p.m. EST.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
While potential new regulatory developments in the U.S. have previously been a source of crypto market volatility without amounting to much, it looks like some major changes could be coming soon. According to a report from Bloomberg, President Joe Biden will sign an executive order this week that will direct federal agencies to research potential regulations for cryptocurrencies, and the development is triggering sell-offs.
Image source: Getty Images.
So what
Biden will reportedly order federal agencies to look into new regulations for the cryptocurrency market and encourage investigation into the U.S. developing its own official digital currency. The executive order will also reportedly call for a deeper investigation into the impact that the rise of digital currencies is having on national security and the economy.
Some manner of cryptocurrency regulation has reportedly been in the works at the White House over the past year, and it appears that the expected rollout of an executive order this week is at least partially related to Russia’s invasion of Ukraine.
The U.S. has responded to the invasion of Ukraine with strict sanctions against Russia, which in turn contributed to the dramatic devaluation of the latter country’s currency and other economic pressures. However, some have speculated that Russian oligarchs and officials may be looking to Bitcoin and other cryptocurrencies to lessen the impact of the sanctions.
After initially prompting sell-offs across the broader cryptocurrency space, developments related to the invasion of Ukraine appear to have briefly prompted bullish momentum for cryptocurrencies late last…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
