Bitcoin Sees Sudden 5% Crash To Slip Below $ 40K Again – Ethereum, Dogecoin Follow Suit – Bitcoin – United States Dollar ($ BTC)

Bitcoin (CRYPTO: BTC) 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 (CRYPTO: ETH), the second-largest coin by market cap, fell 4.2% to $ 2,597.33 over 24 hours. Dogecoin (CRYPTO: DOGE) 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 US futures at press time. The 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 US executive order issued by President Joe Biden were revealed.

Elsewhere, Yoon Suk-yeola candidate in favor of cryptocurrency deregulation and lower taxes on the industry won the presidential election in South Korea.

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