The volatile crypto market, which recently braved geopolitical turbulence, crashed again after Joe Biden’s executive order, asking federal agencies to draft crypto regulations. In the order issued by American President Joe Biden, he asked the agencies to coordinate the crypto markets and the digital asset sector.
The crypto investors were also wary as the diplomatic talks between Russia and Ukraine did not bring any positive results. The ceasefire could not be prolonged as the countries did not reach any conclusions.
Cryptocurrencies also fell just ahead of the ECB’s rate decision while U.S. inflation increased 7.9% in February.
The cryptocurrencies had surged as an immediate effect of the order but crashed on Thursday. Bitcoin had gained around 8%, while Ethereum rose 6% during the trade on Wednesday.
Crypto Market Stumbles
With a market capitalization of $744.831 billion, Bitcoin finished all of its gains for the week and went down around 7% in the last 24 hours. The crypto had previously closed its trading at $41,909.06 but went down under $40,000 while trading on Thursday. Bitcoin (BTC) trades at $39,244.00, down 6.98% (- 2,946.57 points).
Ethereum (ETH) also went down 5.31% (-145.68 points) and traded at $2,598.62, down 8.10% for the last seven days. The crypto had previously closed at $2,723.92.
On Thursday, other important cryptocurrencies also plunged, taking the crypto market into a blood bath. BNB went down 7.17%, while XRP sunk 4.89%. Terra (LUNA) also went down around 2%; still, its gains for the week remain. The coin is still up 12.87% in the last seven days.
Cardano (ADA) and Solana (SOL) went down 6.8% and 7.6%, respectively, taking their losses over the week even higher.
The crypto market bravely came out of the Russia-Ukraine war but seemed to be getting stuck around the after-effects the war has caused. The rise in the inflation rate of the United States and the executive orders coming from Biden to regulate the digital asset sector has proved detrimental for the unregulated crypto market.