Bitcoin BTC/USD dropped nearly 5.3% over 24 hours to $39,299.93 in the early hours of Thursday.
What Happened: The apex coin traded below the psychologically important $40,000 level after touching an intraday high of $42,465.67 earlier on Wednesday.
Other major coins also flashed red at press time. Ethereum ETH/USD, the second-largest coin by market cap, fell 4.2% to $2,597.33 over 24 hours. Dogecoin DOGE/USD was down 3.8% at $0.12 in the same period.
The global cryptocurrency market cap fell 4.5% to $1.75 trillion.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Cryptocurrencies traded lower in tandem with U.S. futures at press time. S&P 500 and Nasdaq futures were down 0.22% and 0.3% at 4,265.75 and 13,694.25 at press time.
The downward movement in major coins came after an earlier exuberance in the markets after details of a long-awaited cryptocurrency-related U.S. executive order issued by President Joe Biden were revealed.
Elsewhere, Yoon Suk-yeol, a candidate in favor of cryptocurrency deregulation and lower taxes on the industry won the presidential election in South Korea.
Read Next: This Ethereum Layer-2 Soultion That Promises 100x Lower Gas Fees Just Went Live
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
