Bitcoin’s price fell below the $40,000-mark and the global cryptocurrency market was trading in the red amid ongoing uncertainty about inflation and international oil prices due to the ongoing Russia-Ukraine war.
However, the release of US President Joe Biden’s executive order on cryptocurrency provided a much needed relief for investors.
BITCOIN, ETHER FALL
Bitcoin was trading over five per cent down at $39,269.96. The world’s second largest cryptocurrency, Ethereum, fell by over four per cent at $2,596.80.
OTHER CRYPTOCURRENCIES DOWN
Solana was down by over five per cent at $82.49 and Avalanche fell by five per cent at $73.04.
Both Cardano and Polkadot were down by over four per cent each.
Other popular cryptocurrencies such as Dogecoin and Shiba Inu were down by over four per cent each.
CRYPTO MARKET IN VOLATILE MODE
“Bitcoin, Ethereum, and other major cryptocurrencies according to the market cap have spiked after U.S President Joe Biden issued the much-awaited crypto order yesterday. But these cryptos fell earlier today. Currently, BTC and ETH are trading at US$40,000 and US$2,600 levels,” Edul Patel, CEO and Co-founder, Mudrex said.
“BTC appears to be overbought on the intraday charts. Since BTC has entered its resistance zone, it can stall the current upward swing. The lower support price ranges between US$37,000 to US$40,000 which can stabilize the pullback,” Edul Patel said.