Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K

The crypto market is still reeling as a result of risk aversion triggered by Russia’s invasion of Ukraine. On Monday, Bitcoin (BTC) fell for the sixth time in six days. It has again failed to break beyond the $40,000 barrier. Bitcoin peaked at $39,536 before plummeting to a low of $37,192. It completed the day around $38,850, having found support at $37,000. The news that the White House is set to issue the long-awaited crypto executive order shook crypto proponents on Monday. Crypto EO Comin’ Up According to a source close to the matter, United States President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to examine the legal and economic consequences of creating a US central bank digital currency. The broader cryptocurrency market had a turbulent day. BNB outperformed the market, rising 1.51%, while ADA (-3.51%) and SOL (-3.41%) underperformed. AVAX (-0.96%), ETH (-2.31%), LUNA (-1.72%), and XRP (-0.56%) have all declined in tandem with Bitcoin. BTC total market cap at $740.16 billion on the daily chart | Source: TradingView.com Related Article | Bitcoin Prices Dragged Down By Geopolitical Tensions, Ukraine Nuke Plant Bombing EO To Ban Crypto? According to reports, Biden will sign an EO banning or limiting cryptocurrencies. The move comes in the face of growing concern about Russian elites’ use of cryptocurren...