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Bitcoin (BTC) falls following Biden crypto executive order gains

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Yuriko Nakao | Getty Images

BitcoinOther cryptocurrencies also fell as the initial excitement over U.S. President Joe Biden’s executive orders on digital assets diminished.

Bitcoin dropped more than 6% to $39,000.86 at 03:38. According to CoinDesk data, ET was on Thursday

On Wednesday, bitcoin surgedAs high as $42,577, after trading started at approximately $38,744.

Some other cryptocurrencies, such as ether XRPAlso, they traded lower.

The optimism surrounding Biden’s executive order regarding cryptocurrencies led to Wednesday’s surge. The order focuses on six key areas:Protecting consumers, financial stability, illegal activity, U.S. competiveness in the sector, financial inclusion, and responsible innovation.

A number of prominent figures in the crypto industry praised America’s decision. Cameron Winklevoss co-founder and CEO of Gemini, called it “a watershed moment.”

However, not all were convinced.

“The executive order is, more than anything, defensive. The main goals of the EO are to protect the US’ financial position globally, make sure US regulations (both federal and global) are not circumvented using crypto, make sure crypto investors and users are protected legally, and that crypto as an industry is regulated in general,” said Guy Gotslak, co-founder of cryptocurrency investment platform My Digital Money.

“These are not evil; everyone wants the same thing. We are committed to protecting investors, even the smaller ones. The EO however does not require the government to adopt proactive measures to foster the technology’s growth.

Vijay Ayyar (Vice President of Corporate Development and International at Crypto Exchange Luno) said that the executive order was “overall positive or neutral.”

He stated that “Thus, while the market responded positively to the announcement, momentum was not strong enough to overcome resistance” at $42,000.

Ayyar stated, “What we see is that Bitcoin remains broadly range bound. It is not able to make strong moves on either side. There is also ongoing uncertainty regarding Ukraine.”

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