On Wednesday, bitcoin finished the day's session in positive territory, gaining 9% and reaching $41,900. Major altcoins advanced as well.
According to CoinGecko, the total market capitalization of the crypto market has increased by 6.4% to $1.91 trillion over the past day.
Weaker growth of altcoins has moved the Bitcoin Dominance Index up by 0.9% to 41.6%. The Fear and Greed Index has only added 1 point over the past day, reaching 22 points.
Bitcoin's jump was triggered by a leaked statement of Janet Yellen, the US Treasury Secretary, which was accidentally published on the Treasury Department's website. According to the document, the upcoming executive order by US president Joe Biden calls for a complex approach to regulating cryptocurrencies. The US government would coordinate the work of US agencies related to the crypto sector.
Although the statement was quickly deleted, market players interpreted it as giving support to the crypto sector.
Later on Wednesday, Biden signed an executive order on regulating cryptocurrencies, which covers protecting the rights of crypto consumers, supporting technological development, and combating illicit use of cryptocurrencies.
Other federal agencies are expected to develop a more detailed crypto regulation policy.
The crypto market has found support in a sharp rise of equities, as well as weaker USD.
Western sanctions against Russia could also motivate Russians to use BTC to preserve their assets.
The widespread adoption of cryptocurrencies could accelerate the creation of the new financial system that could weaken the US dollar and accelerate inflation in the Western countries, experts say.
