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Good Tuesday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest.

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24-hour crypto market snapshot
Bitcoin (+2%) $39,074
Ethereum (+2%) $2,592
BNB (+3%) $387.25
One step forward, two steps back 🚶
Cryptocurrency prices are holding their own this morning as extreme volatility hits assets and stock markets. The Nasdaq yesterday fell into an official bear market while the Dow dropped into correction territory and the S&P suffered its worst single-day drop since October 2020.

Meanwhile, energy prices have continued to skyrocket as the Russian war in Ukraine rolls on and the price of
nickel recorded its biggest daily dollar gain on record, jumping 76% in what Bloomberg called one of the "most extreme moves" in metal markets history.

The
bitcoin price is up by almost 2% on this time yesterday as traders await a hotly-anticipated Biden administration executive order. See below for details. Elsewhere, ethereum has bounced back after plunging yesterday afternoon. The rest of the crypto top ten, as measured by CoinMarketCap, is mixed. Ethereum rival BNB is up almost 3%, while XRP and avalanche are leading the market lower, each declining 3% (despite "every single" NYC subway car advertising avalanche).

Now read this:
The young HODLers keeping bitcoin on an even keel
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True Value Of Cryptocurrencies
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White House oversight 👁️‍🗨️
U.S. president Joe Biden could sign a crypto-related executive order as soon as tomorrow.
U.S. president Joe Biden could sign a crypto-related executive order as soon as tomorrow. Getty Images
Wait for it: After weeks on the edge of our seats it seems U.S. president Joe Biden is finally set to sign a long-awaited executive order this week, outlining the U.S. government's crypto strategy. Yesterday, it was reported by Bloomberg the order will "direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact" cryptocurrencies, citing "people familiar with the administration’s plans." Later, Reuters reported the Biden administration crypto order will "likely to come on Wednesday."

Just following orders: The order is expected to instruct federal agencies, including Treasury, Commerce and Justice Departments as well as the National Economic Council, Council of Economic Advisers, and the White House National Security Council, to examine potential regulatory changes, as well as the national security and economic impact of cryptocurrencies.

The almighty e-dollar: It's also thought the executive order could be the first step down a long road in the creation of a digital dollar. "We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency," Reuters' source said, citing "significant momentum behind such a move within the Biden administration." The Federal Reserve issued a paper in January that explores the risks and benefits of a digital dollar.

An opportune moment: The administration is preparing the order at a time of heightened concern about the use of cryptocurrencies by those sanctioned by Western powers in response to Russia's invasion of Ukraine. The Financial Crimes Enforcement Network (FinCEN) has warned financial institutions to watch out for potential attempts by wealthy Russians to sidestep sanctions. Last week, four U.S. lawmakers led by influential senator Elizabeth Warren wrote to the Treasury Department expressing concern about how cryptocurrencies could be used to evade sanctions on Russia.

But but but... One of the senate’s most powerful Democrats has warned his colleagues against cracking down too hard on the booming cryptocurrency industry, likening it to the internet in its infancy, it was reported by the Financial Times. "There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator," Ron Wyden, chair of the Senate finance committee and one of the architects of U.S. internet regulation, told the newspaper. "When I think about crypto I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies."

Californication: California bitcoiners, who last month introduced a bill to establish bitcoin as legal tender in the state, are willing to go "up against the U.S. Constitution," it's been reported by Blockworks, with bitcoin advocate Dennis Porter, who is working to advance the bill, saying "if we have to, we’ll go to an Article V and we’ll rewrite the Constitution."

In the rest of the world: Global financial hubs are divided on encouraging access to disruptive virtual assets, it was yesterday reported by the Financial Times, with the U.S. falling behind more experimental regulatory approaches in South America, Europe and Asia.

Now read this: This Texas town was deep in debt from a devastating winter storm. Then a crypto miner came knocking
Coinbase crackdown 🙅
🚫 Major U.S. crypto exchange Coinbase has said it’s blocking 25,000 Russia-linked crypto addresses "related to Russian individuals or entities we believe to be engaging in illicit activity."

✍️ "Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities," Coinbase chief legal officer Paul Grewal wrote in
a blog post.

🕴️Coinbase's crackdown comes as companies around the world are pulling out of Russia or suspending services there, often going above and beyond legal sanction requirements. Four U.S. lawmakers last week wrote to Treasury secretary Janet Yellen, calling on her to outline plans for enforcing legal compliance with sanctions among crypto companies.

Good to know: Bain Capital Ventures has launched a $560 million crypto fund
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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