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First Mover Americas: Biden Issues Crypto Order; Inflation Expectations Hit Record High
The latest moves in crypto markets in context for March 9, 2022.
Updated May 11, 2023, 5:55 p.m. Published Mar 9, 2022, 1:56 p.m.
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Here’s what’s happening this morning:
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- Market Moves: Bitcoin keeps early gains. Biden's crypto order didn't announce new regulations for the industry. Privacy coins rally.
- Featured stories: U.S. 10-year breakeven inflation rate hits record high, offering positive cues to bitcoin's price. Whales liquidate their holdings.
And check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today’s show will feature guests:
- Kristin Smith, executive director, Blockchain Association
- Damanick Dantes, markets reporter, CoinDesk
- John Sarson, CEO and founder, Sarson Funds
Market Moves
By Omkar Godbole
Bitcoin consolidated on overnight gains after U.S. President Joe Biden signed a crypto order early Wednesday directing federal agencies to coordinate their efforts to draft cryptocurrency regulations.
The executive order did not lay out specific positions the administration wants agencies to adopt or announce new regulations for the industry, CoinDesk's managing editor for global policy and regulation, Nikhilesh De, reported.
A senior administration official did a balancing act while talking to reporters, acknowledging potential opportunities for American innovation and competitiveness that digital assets could provide along with risks associated with the growth of the crypto sector.
Some analysts were worried the long-awaited crypto order would announce stricter regulations, given the recent speculation that wealthy Russians are using digital assets to circumvent sanctions imposed by the West.
However, those fears were put to rest late Tuesday after an unintentional release of U.S. Treasury Secretary Janet Yellen's remarks on Biden's then-impending crypto order said the administration would support "reasonable innovation." Bitcoin picked up a bid after CoinDesk reported Yellen's comments, rising more than 7% to $42,000.
While most cryptocurrencies followed suit, privacy coins like monero and zcash backed off from Tuesday's high. Both coins surged over 25% on Tuesday, perhaps due to traders anticipating increased demand for privacy on fears of increased regulation.
"My best guess of what's going on: With stronger oversight confirmed, segments of the market that value privacy (for ideological or illicit reasons) will rotate away from trackable crypto assets like BTC and [ether] ETH. Or at least this is what traders are speculating on," Ilan Solot, a partner at the TagusCapital Multi-Strategy Fund, said in an email.
"Traders are thinking that other traders are thinking that oligarchs would buy privacy coins, so they buy privacy coins. But really, no one believes that oligarchs are buying," Solot added.
Latest Headlines
- Profit Booking in Bitcoin, Ether After Biden Issues Crypto Order
- Fintech Platform Cake DeFi Creates $100M Venture Capital Arm
- Market Cap of Gold-Backed Cryptos Surpass $1B as Yellow Metal Nears Record High
- Biden Issues Long-Awaited Executive Order on Crypto
- Monero’s XMR, Zcash’s ZEC Jump as Privacy Coins Gain Favor
- $95M of Shorts Liquidated as Bitcoin, Ether Rise 8%
- Crypto Policy Is on the Agenda in Seoul as South Koreans Head to the Polls
- Kava Deploys Ethereum Developer Support on Testnet
- Bitcoin Tops $41K After Yellen's Crypto Statement Inadvertently Published Early
- VanEck Launches Crypto Mining ETF
- Janet Yellen: US Treasury, Other Departments Will Publish Report on Money Under Biden Crypto Executive Order
US Inflation Expectations Hit Record High
By Omkar Godbole
The market-based measures of long-term inflation expectations in the U.S. continue to rise, offering positive cues to bitcoin.
The 10-year breakeven rate, derived from the spread between conventional and inflation-adjusted Treasury yields, rose to a new record high of 2.785% on Tuesday, surpassing the previous peak reached in 2005, according to the Federal Reserve Bank of St. Louis.
The above chart shows bitcoin has often moved in lockstep with the 10-year breakeven rate since the March 2020 crash.
"Bitcoin’s 90-day correlation with the United Sates’ 10-year breakeven inflation rate, which reflects inflation expectations, moved higher from the second quarter [of 2021] onward," Babel Finance said in a 2021 crypto market review shared with CoinDesk early this week.
"As an asset with the same durability, exchangeability and scarcity as gold, bitcoin began to partially replace gold as a trading instrument to hedge against inflation in the middle of the year," Babel Finance added.
Whale selling
Data tweeted by Blockware Solutions' William Clemente shows whales, or large investors, have been offloading coins over the past two weeks and the number of coins held by these wealthy investors has dropped to the lowest since September 2021.
A continued whale selling would be a cause for concern for the bulls.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
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