Bitcoin (BTC) did the thing again, slipping more than 6% to $ 38,882.58 after holding above $ 40,000 for two consecutive days from March 9 to 10, 2022.
The BTC price movement during the period was driven by the positive decision of the cryptocurrency executive order by the president of the United States (US), Joe Biden.
The altcoins market also did not lag behind showing a negative performance with their respective records: XRP declined nearly 4%, trading at $ 0.73; Ethereum (ETH) was down more than 4%, trading at $ 2,565.57; and Cardano (ADA) were worth $ 0.79, down nearly 4%.
According to Prime Trust's chief product officer, Sara Xi, the sentiment that pervades the entire crypto market at the moment is due to some major commodity non -response: "That's why the crypto market is falling because many still see crypto as an investment tool."
While crypto is more than that-it stores value, it is also a currency: “And those factors impact crypto assets so much that their prices go up. But today, the impact on key commodities such as oil, as a result of the Russo-Ukrainian war, is causing the crypto market to retreat. ”
Due to those factors, the crypto market failed to exhibit price strengthening despite Biden urging 6 key points in the executive order: consumer protection, financial stability, illegal activity, U.S. competition in the industries involved, financial inclusion, and responsibility in innovating.
Most of the high -profile cryptocurrency industry agrees with the US government's decision, and they even call the situation - "watershed moment".
But the government's move is not fully guaranteed as the founder of the cryptocurrency investment platform My Digital Money, Guy Gotslak claims it is a ‘defensive’ move as executive orders are present to protect US global finances.
