Bitcoin’s (BTC) wild ride continues.
The price of the largest cryptocurrency is down more than 6% to $39,086, according to data from CoinDesk. The decline reverses gains made following the release of U.S. President Joe Biden’s executive order on cryptocurrencies.
Yesterday (March 9), Bitcoin’s price surged as high as $42,577 after starting the day trading at around $38,744. Other cryptocurrencies such as Ethereum (ETH) also rallied before reversing course and trading lower.
Wednesday’s spike came on optimism around President Biden’s executive order on cryptocurrencies mounted. The order focuses on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness in the industry, financial inclusion, and responsible innovation.
Some high-profile cryptocurrency bulls praised the U.S. government’s move. Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, called the executive order a “watershed moment.”
However, other analysts and traders criticized the executive order, saying it opens the door to regulation of the cryptocurrency industry in the U.S.
Bitcoin has largely been trading in tandem with stocks in recent weeks, rising and falling with the broader market that has been extremely volatile since Russia invaded Ukraine at the end of February.
