Bitcoin’s Biden Spike Gone, Price Reverses Following 8% Gain

Bitcoin (BTC) has retraced significantly today, a day after recording an 8% gain in response to President Biden’s executive order. Bitcoin, like the rest of the crypto market, is under pressure, falling more than 5% and falling below $40,000 levels. Bitcoin is currently trading at $39,324 with a market worth of $745 billion as of press time. Bitcoin Slumps After Gain Bitcoin reversed direction, while the euro’s two-day rally came to a halt, as investors awaited the European Central Bank’s (ECB) response to the gathering storm of high inflation and poor growth. According to TradingView data, the top fell to $39,000 during Asia hours, nearly reversing Wednesday’s 8 percent rise caused by US President Joe Biden’s crypto executive order. Laurent Kssis, a crypto exchange-traded fund expert and director of CEC Capital, said: “Market dropped again around 1:30 UTC during the Asian trading on long liquidations washouts which are still dominating the leverage markets. Any potential of a pullback seems futile due to the selling pressures these liquidations create.” Despite the fact that the crypto executive order boosted the crypto market, concerns about growing inflation remain. The entire focus will be on the approaching U.S. inflation, which is expected to rise due to the current geopolitical situation. Historically, the Federal Reserve (Fed) has had the most influence on cryptocurrency market...