Bitcoin dropped back below $40,000, erasing almost all the gains sparked by optimism about U.S. President Joe Biden’s executive order to put more focus on the crypto sector.
The largest cryptocurrency declined as much as 7.2% to $38,894 on Thursday, falling for the first time in three days. Ether dropped as much as 5% to $2,574. Most of the top cryptocurrencies were down at least slightly in the 24 hours to 4:15 p.m. Hong Kong time, according to pricing from CoinGecko.
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