Bitcoin Falls Below $40,000, Wiping Out Early Week Gains
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Bitcoin and other cryptocurrencies fell on Thursday morning, losing most of the initial increments that were gathered earlier this week
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The flagship cryptocurrency broke above $42,000 due to excitement surrounding the crypto executive order on digital assets signed by President Joe Biden on Wednesday
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Today, BTC is down more than 7%, trading at $39,207, according to data obtained from CoinMarketCap
There has been much excitement in the cryptocurrency market this week, following the news of the cryptocurrency executive order that was signed into law by United States president, Joe Biden.
The high spirits in the market had triggered gains in the market, with Bitcoin surpassing $42,570 on Wednesday morning, after trading at $38,700 in the previous day.
It hasn’t taken too long for all that excitement to fade away as the flagship cryptocurrency dipped below $39,207 in the early hours of Thursday, according to data from CoinMarketCap. Other crypto assets such as Ether, XRP, and LUNA are also trading lower than their values on Wednesday.
Ether lost 5.39% to trade at $2,587, XRP (3.33%) for a market value of $0.7295, while LUNA lost 0.29%, losing ground from $100 milestone.
Biden’s crypto executive order
Wednesday spike came as a result of optimism in the market from Biden’s crypto executive order that was signed into law. The order focused on six core areas which include consumer protection, financial stability, illicit activity, U.S. competitiveness in the industry, financial inclusion, and responsible innovation.
Also, the order indicated that the Biden-led government wants to explore the creation of a digital version of the dollar, in likeness to Nigeria’s release of the eNaira.
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