March 10, 2022 — 2 min read
Whether it be your brother, your neighbor, or that millennial at the office, chances are you’ve heard about crypto; and there is an even better chance you’ve heard about the risks involved in it.
The United States has been slow to adopt crypto as a form of payment due to its lack of federal backing, its volatile movement, and the large scale fraud that has effected many early adopters.
Thanks to a new executive order, the United States has taken a giant leap forward towards the digital currency age.
On Wednesday, March 9th, 2022, President Joe Biden has signed an executive order that will finally bring better transparency into crypto in hopes of protecting US consumers, investors, and businesses - on a larger scale, protecting the US and Global Financial Stability, mitigating systemic risks.
It is believed coins like Bitcoin and Ethereum are so large that should anything happen to them the entire crypto economy has a whole would collapse. With this market so volatile, crypto exchange rates can fluctuate within days. For example, Dogecoin’s popularity came from celebrity endorsements such as tweets from Elon Musk and Snoop Dog. Reaching its peak in May 2021 at 0.668449 USD, it quickly fell back down to 0.304170 USD before the month was over. Now, 1 DOGE is worth approximately 0.116857 USD. As of now, the market can change any second, so it’s best to be prepared for the rapid volatility.
Bitcoin (XBT or sometimes better known as BTC) is among one of the largest cryptocurrencies with a market cap of 744 billion USD, followed by Ethereum (ETH) as the second largest with a market cap of 312 billion USD.
News is still developing around this executive order and the effects of which may not be realized for years, but one thing is for sure; crypto is here to stay.
Check out our newly added crypto currency converter, and you can see how much your crypto is worth in the currency of your choice.