Bitcoin dips back below $40K as traders weigh on Biden's crypto executive order

Bitcoin (BTC-USD) is falling in early trading, Tuesday, as speculators appear to have mixed views on President Joe Biden's cryptocurrency executive order. Bitcoin (BTC-USD -7.7%) is dropping under $40K to sub $38.8K, erasing most of the gains made following Biden's new policy release. Ethereum (ETH-USD -5.6%) is also back below $2.6K. “The executive order is, more than anything, defensive," Guy Gotslak, co-founder of digital asset investment platform My Digital Money, told CNBC Thursday. "The EO does not direct the government to take proactive steps to nurture the growth of technology," he added. “Hence while the market reacted positively to the statement, momentum wasn’t strong enough to surpass resistance” at$42K, Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC, citing the executive order as "more positive or neutral." On the other hand, Biden's "executive order on crypto is a watershed moment," Cameron Winklevoss, the co-founder of crypto trading