Bitcoin climbs ahead of Janet Yellen's speech on crypto assets

Bitcoin climbed on Thursday above two-week lows on track for the first profit in three days, ahead of Janet Yellen's expected speech on crypto assets.

It's expected that Yellen will ask for organizing crypto assets to control the market, in line with plans from President Joe Biden's plans.

At Bitstamp, Bitcoin rose $723, or 1.7% to $43,896, after tumbling 5.1% on Wednesday, the second loss in a row on risk aversion as US yields surge.

Crypto market value rose nearly $25 billion on Thursday to a total of $2.07 trillion as most major cryptocurrencies gain ground.

Janet Yellen 

US Treasury Secretary Janet Yellen will speak about cryptocurrency policy and regulation at an event hosted by American University, in Washington DC.

US officials have hinted more than once that Biden aims to balance support for financial creativity, and maintaining strict monitoring systems to protect consumers and investors.

Obviously, another major aim for the US government would be to protect the traditional financial system from any potential harm from the emerging crypto sector.