Bitcoin jumps above $42,000 following the leak of Biden's crypto administrative order

On a claimed leaked press release of President Biden's executive order on crypto, Bitcoin's price jumped over $42,000.

In today's early morning trading session in Europe, the price of bitcoin skyrocketed. A leaked news release including information on President Biden's impending administrative decree on bitcoin pushed the cryptocurrency beyond $42,000.

A press release from the Treasury Department's website was leaked earlier today, according to BNN Bloomberg.

The statement has subsequently been withdrawn, and a spokeswoman for Bloomberg has declined to comment. In any event, that was the text of the leaked document.

"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses."

The Treasury will also collaborate with other authorities to produce a study on the future of payment systems and money in general.

The market reacted positively to the text

Bitcoin's price has risen from just under $39,000 to just under $42,500, and is now trading at roughly $42,100.

In the last 24 hours, this move has resulted in about $190 million in liquidated positions, the majority of which are inevitably short.