Bitcoin and other major coins traded sharply lower Thursday evening as the global cryptocurrency market cap decreased 0.8% to $2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -7.8% | -5.6% | $40,567.94 |
| Ethereum (CRYPTO: ETH) | -8.2% | -4.8% | $2,886.69 |
| Dogecoin (CRYPTO: DOGE) | -1.3% | -6.15% | $0.15 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Rally (RLY) | +12.2% | $0.34 |
| Dash (DASH) | +7.9% | $116.260 |
| Nexo (NEXO) | +6.6% | $2.26 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: A slew of factors led to the decline of cryptocurrencies on Thursday. Geopolitical tensions on the Ukrainian border reemerged, while the release of minutes from the Federal Open Market Committee brought back the focus on possible rate hikes.
The S&P500 and the NASDAQ ended Thursday lower by 2.12% and 2.88% at 4,380.26 and 13,716.72, respectively.
President Joe Biden is expected to issue an executive order next week related to the regulation of cryptocurrencies. The executive order is expected to direct agencies to study both cryptocurrencies and central bank digital currency, according to a report from Yahoo Finance.
Edward Moya, a senior market analyst with OANDA, said that “Wall Street has gone full de-risking mode and Bitcoin is paying the price.”
“Bitcoin is the ultimate risky asset, and a Ukraine invasion would keep crypto selling pressure going another 10-15% over the…
