Bitcoin Bulls Warn The White House Could Become Key To Cryptocurrency Policy: Don't Rush To Buy Land

Biden is set to announce regulatory regulation of cryptocurrencies to support surveillance.

Due to the turmoil, cryptocurrencies are facing regulation from all sides. The Biden administration is preparing to announce a government-level legacy plan as early as next month and ask government agencies to assess the risks and timing of its occurrence, the news agency reported Friday.

Government officials have discussed the plan several times and have now been sworn in as president, with the White House likely to become the center of the cryptocurrency market. The framework will include several agencies, including the Department of Finance, the Treasury Board, the Department of Commerce, the National Science Foundation and the National Security Agency.

For years, the "moral stewardship" of government agencies has made it difficult for the White House to become its leader. The White House's goal is to have a unified cryptocurrency administration, the official said. ~

Financial advisory group Biden has issued a tough challenge to the crypto market to increase oversight of its assets. As the cryptocurrency market expands to over $2 trillion, regulators have raised concerns about a lack of protectionist investors and financial security risks.

The value of Bitcoin, Ethereum and other digital currencies dropped as US tech products fell due to rising US incomes.

US billionaire investor and bitcoin bull market Mike Novogratz has warned investors not to buy stocks, warning that cryptocurrencies will struggle to avoid a selloff if commodities continue to fall.

Novogratz tweeted last Thursday:

"It will be hard for crypto to bounce back until the stock market goes down. It's a bear market. Don't sell the competition and buy the bear market."

And earlier this week, Novogratz warned that crypto and Nasdaq assets will remain highly volatile as long as interest rates rise. He suggested on Twitter that the company has cash on hold. He says:

“That being said, the cryptocurrency has had a decent sell-off and is facing some buying support.”

However, after Novogratz made the above remarks, the cryptocurrency continued to decline, falling below $35,000 within the week.

Well-known Bitcoin bull trader Novogratz said last month that Bitcoin could seek support at around $42,000 and that at the beginning of this month he expects Bitcoin to fall below $38,000.