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Bitcoin (BTC) falls following Biden crypto executive order gains

Yuriko Nakao | Getty Images

Bitcoin And other cryptocurrencies fell on Thursday as some of the initial excitement about US President Joe Biden’s presidential directive on digital assets diminished.

Bitcoin fell more than 6% at $ 39,086 on Thursday at 3:38 am ET, according to CoinDesk data.

Bitcoin surged on Wednesday After starting day trading at about $ 38,744, it is as high as $ 42,577.

Other cryptocurrencies like ether When XRP Transactions were also low.

The surge on Wednesday was due to increased optimism about Biden’s presidential directive on cryptocurrencies.order It focuses on six key areas. Consumer protection, financial stability, illegal activity, US competitiveness in the industry, financial inclusion, responsible innovation.

Some prominent crypto industry players praised the move by the US government. Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, called it the “watershed moment.”

But not everyone is convinced.

“Presidential directives are more defensive than anything else. EO’s main goal is to protect the US financial position globally and use crypto to prevent US regulation (both federal and global) from being circumvented. It’s about verifying crypto investors and users. It’s legally protected and its crypto as an industry is generally regulated, “said Guy Gotslak, co-founder of the crypto investment platform MyDigitalMoney. ..

“These are not bad. We all want the same. We want to protect investors, especially small investors. But EO encourages government to grow technology. We are not instructing you to take positive steps to

Vijay Ayyar, vice president of corporate development and international affairs for cryptocurrency exchange Luno, said the presidential directive is “overall positive or neutral.”

“Therefore, the market responded positively to the statement, but the momentum was not strong enough to outweigh the resistance,” he said.

“What we can see is that Bitcoin is extensively restricted and, coupled with the ongoing uncertainty about Ukraine, it is not possible to make strong moves on either side.” Ayyar added.


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