Bitcoin futures (/BTC) are up 9% this morning on news from the Treasury Secretary Janet Yellen and an upcoming executive order from President Biden on cryptocurrencies. The innovation and acceptance of cryptocurrency is here to stay, says Michael Zarembski, Director of Futures at Charles Schwab. We need to see more normal trading activity and not these aggressive upward and downward moves. The CBOE Volatility Index (VIX) is elevated, around the 32 level as shown on the chart. Michael doesn't think we will get down to the low 20s on the VIX with all the dynamics in the market, including the geopolitical events. He says that bitcoin has been rangebound in the last several months, between 35,000 and 45,000. He says bitcoin is leaning toward a risk-on type of trade.