{"id":436938,"date":"2022-03-10T11:01:11","date_gmt":"2022-03-10T09:01:11","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=436938"},"modified":"2022-03-10T11:03:07","modified_gmt":"2022-03-10T09:03:07","slug":"bitcoin-gains-erased","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/436938-bitcoin-gains-erased.html","title":{"rendered":"Bitcoin gains erased"},"content":{"rendered":"

Bitcoin dropped back below $40,000, erasing almost all the gains sparked by optimism about U.S. President Joe Biden\u2019s executive order to put more focus on the crypto sector.<\/p>\n

The largest cryptocurrency declined as much as 7.2% to $38,894 on Thursday, falling for the first time in three days.<\/p>\n

Ether dropped as much as 5% to $2,574. Most of the top cryptocurrencies were down at least slightly in the 24 hours to 4:15 p.m. Hong Kong time, according to pricing from CoinGecko.<\/p>\n

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Bitcoin jumped as much as 11% on Wednesday amid optimism about the trajectory of U.S. regulation of digital assets, as the framing of Biden\u2019s executive order on cryptocurrencies was made clear.<\/p>\n

Those gains proved fleeting as traders digested the news, and the token is again trading near the middle of the range where it\u2019s spent most of the past two months.<\/p>\n

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\u201cAlthough the initial reaction to the Biden digital assets executive order was \u2018it\u2019s not as bad as it could have been,\u2019 a closer look at the details shows that it does not remove potential regulatory risk,\u201d said Jeffrey Halley, senior market analyst at Oanda Asia-Pacific.<\/p>\n

Futures on the S&P 500 and Nasdaq 100 indexes turned lower around the same time as Bitcoin\u2019s price took a second leg down. The cryptocurrency has been relatively strongly correlated with U.S. stocks since the beginning of the Covid-19 pandemic.<\/p>\n

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Now read:\u00a0Why South Africa is cracking down on big cryptocurrency exchanges<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin dropped back below $40,000, erasing almost all the gains sparked by optimism about U.S. President Joe Biden’s executive order to put more focus on the crypto sector.<\/p>\n","protected":false},"author":341034,"featured_media":415584,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,45432,43338,13097],"class_list":["post-436938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency-regulation","tag-ether","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/436938"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=436938"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/436938\/revisions"}],"predecessor-version":[{"id":436940,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/436938\/revisions\/436940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/415584"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=436938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=436938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=436938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}