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10 Mar 2022

Bitcoin Plunges Beneath $40,000 mark Following U.S. Executive Order on Crypto

The Index Today

Bitcoin plummeted below $40,000, losing a majority of its winnings that were spurred by U.S. President Joe Biden’s executive order that approves more consideration and initiatives surrounding cryptocurrencies.

Bitcoin, which is the largest cryptocurrency in the world, slumped by 5.9% to $39,432 on Thursday, disrupting its three-day streak. As per CoinGecko, major cryptocurrencies slid in the past 24 hours with Ether down by 4.4% to $2,589.

According to Bloomberg News, this comes in stark contrast after the Biden administration-sanctioned executive order spelled a bullish outlook for crypto marked by Bitcoin’s Wednesday upsurge of 11%. The Nasdaq 100 futures and the S&P 500 futures were also down right around after Bitcoin’s value took a tumble.

©Photo: Wall Street Journal

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