On Monday, March 7, Eastern Time, the media quoted people familiar with the matter as saying that U.S. President Biden will sign an executive order this week to introduce the U.S. government’s strategy in terms of encrypted digital currency, and will instruct federal government agencies to investigate and make regulatory aspects. The possibilities for change, and the impact of digital assets on national security and the economy.

After the above news came out, Bitcoin quickly fell back and turned down during the midday session of the US stock market, falling below the US$39,000 and US$38,000 mark successively, and once fell below US$37,200, a record since last Sunday on February 27. A new low, more than $2,000 lower than the intraday high, a percentage drop of more than 6%.

The media said that Biden’s executive order has been brewing since last year, noting that in recent weeks, the White House’s attitude towards cryptocurrencies has attracted new attention. Several members of Congress, including U.S. Senate Banking Committee Chair Sherrod Brown and Senate Elizabeth Warren, have called on the Biden administration to conduct intensive scrutiny of the cryptocurrency industry. They worry that some businesses and individuals could use cryptocurrencies to escape recent Western sanctions on Russia.

However, some analysts and officials have expressed doubts about the effectiveness of cryptocurrencies to evade sanctions, given the limited size of the cryptocurrency market.

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