Bitcoin tops $42,000 as Yellen lauds 'historic' crypto overhaul

Yellen praised an upcoming order from Biden in a statement on Treasury's website that was later removed, saying it strikes the right balance between fostering innovation and addressing potential risks

Bitcoin jumped above $42,000 amid a sharp rally in digital tokens, spurred by optimism about a sweeping U.S. overhaul of crypto oversight that Treasury Secretary Janet Yellen called “historic.”

The largest cryptocurrency rose as much as 10% to $42,427, its highest level since March 2. Ether climbed 8% while so-called privacy coins like Monero posted large gains. The crypto advance came as a broad risk-on rally embraced European stocks.

Yellen praised an upcoming executive order from President Joe Biden in a statement on the Treasury’s website that was later removed, saying it strikes the right balance between fostering innovation and addressing potential