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	Good Wednesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto. 📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.


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24-hour crypto market snapshot

Bitcoin (+8%)

$42,184

Ethereum (+6%)

$2,753

Luna (+20%)

$98.19

Monero (+17%)

$193.90

Calm and clarity 🧘


	Cryptocurrency prices are soaring this morning as investors cheer the publication of a long-awaited Biden administration executive order on cryptocurrencies that generally suggests nothing is going to change much in the short term. Crypto prices jumped last night after the Treasury department accidentally leaked details of the order in the form of a statement in response to it. See below for details. The bitcoin price is up 8% on this time yesterday. Ethereum and its major rivals BNB, solana, cardano and avalanche are up between 2% and 8%. Luna, the native coin of the Terra payments system blockchain, has surged 20%, adding to big gains in recent weeks that have pushed it up the crypto top ten. Meanwhile, so-called privacy coins such as monero, zcash and secret have all soared following a clampdown on certain crypto addresses by exchanges in the wake of Russia sanctions. Coindesk has a write-up. Good to know: Bitcoin bros turn hyperbolic as slump from highs dents appeal

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True Value Of Cryptocurrencies

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The order is in 📥



	Treasury secretary Janet Yellen sent the bitcoin price sharply higher when her comments were accidently published ahead of U.S. president Joe Biden's executive order. Getty Images


	Order out: U.S. President Joe Biden has this morning signed an executive order on cryptocurrencies, described as a "first-ever, whole-of-government" order, directing federal agencies to coordinate their approach to the burgeoning industry. Coindesk was hot off the starting blocks shortly after the 6am ET signing, highlighting that the order calls on the Treasury Department to create a report on the "future of money." Easy does it: The order directs a clutch of federal agencies to better communicate their work in the digital asset sector, but it does not lay out specific positions the administration wants agencies to adopt. Nor does it include any new regulations for cryptocurrency companies to abide by. Fat finger: Bitcoin and cryptocurrency prices soared overnight following the premature publication of a U.S. Treasury statement on the order. "A presidential executive order on cryptocurrencies would 'support responsible innovation' as it coordinates U.S. policy across agencies," Treasury secretary Janet Yellen wrote in a statement that was briefly published on Tuesday evening before being removed but not before being spotted by Coindesk reporters. The webpage now reads: "Access denied—You are not authorized to access this page." The leak calmed bitcoin and crypto investor fears that the executive order would mean a broad crackdown on the red-hot bitcoin and crypto market. Fact of the matter: Ahead of the order's publication, reporters at The Block got a hold of "a fact sheet" that outlined its key points which can be seen here. Six-point plan: The order defines six "key priorities" for the administration. They are: - Protecting U.S. interests; - Protecting global financial stability; - Preventing illicit uses; - Promoting "responsible innovation," - Promoting financial inclusion, and - Promoting U.S. leadership. Meanwhile... Influential senator Elizabeth Warren is preparing a bill to make it more difficult to use cryptocurrency to circumvent sanctions she announced in a post to Twitter. Warren said her new bill will "ensure crypto isn’t used by Putin and his cronies to undermine our economic sanctions," referring to Russian President Vladimir Putin. Unstable waters ahead: Efforts are underway in the House and the Senate to regulate stablecoin issuers and oversee reserves, according to a report by Blockworks. Bills designed to regulate controversial stablecoins such as tether and USDC will "likely" be introduced by U.S. lawmakers this month, according to "a source familiar with the matter." Now read this: Islam has a rich tradition around finance. Crypto is prompting new questions

LimeWire returns in NFT-form ❇️


	⚡ LimeWire, the peer-to-peer file sharing platform that forced the media industry towards streaming services, is planning to relaunch in May as a non-fungible token (NFT) marketplace for art, entertainment and music digital collectibles. 👬 Last year, Austrian brothers Julian and Paul Zehetmayr bought LimeWire’s intellectual property and other assets last year and plan to build a platform that lets users buy and trade rare items such as limited editions, unreleased demos and digital merchandise. "The issue with the NFT market is that most platforms are decentralized," Julian Zehetmayr told CNBC. "If you look at bitcoin, all the exchanges are making it really easy to buy, trade and sell bitcoin. There’s no one really doing the same in the NFT space." 🧑‍⚖️ LimeWire was ordered to shut down in 2010 by a judge after a lengthy legal battle with the Recording Industry Association of America that resulted in LimeWire’s then-CEO Mark Gorton reaching a $105 million out-of-court settlement. Good to know: Goldman Sachs is offering an ethereum fund to clients

A new world order 🎖️


	🪙 A former Federal Reserve and U.S. Treasury Department official has said the current commodity crisis is giving rise to a new world monetary order—that could benefit bitcoin but only "if it still exists." ⛈️ The ongoing crisis in Ukraine has led to a "perfect storm" in commodities that could weaken the Eurodollar system, contribute to inflation in Western economies and threaten financial stability, Zoltan Pozsar, global head of short-term interest rate strategy at Credit Suisse, wrote in a note this week that was first reported by Reuters. ✍️ "This crisis is not like anything we have seen since President Nixon took the U.S. dollar off gold in 1971—the end of the era of commodity-based money," Pozsar wrote. "When this crisis (and war) is over, the U.S. dollar should be much weaker and ... the renminbi much stronger, backed by a basket of commodities." Now read this: Is Putin’s end game the roll out of a domestic CBDC?

	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.

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