Bitcoin (CRYPTO: BTC) dropped nearly 5.3% over 24 hours to $39,299.93 in the early hours of Thursday.
What Happened: The apex coin traded below the psychologically important $40,000 level after touching an intraday high of $42,465.67 earlier on Wednesday.
Other major coins also flashed red at press time. Ethereum (CRYPTO: ETH), the second-largest coin by market cap, fell 4.2% to $2,597.33 over 24 hours. Dogecoin (CRYPTO: DOGE) was down 3.8% at $0.12 in the same period.
The global cryptocurrency market cap fell 4.5% to $1.75 trillion.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Cryptocurrencies traded lower in tandem with U.S. futures at press time. S&P 500 and Nasdaq futures were down 0.22% and 0.3% at 4,265.75 and 13,694.25 at press time.
The downward movement in major coins came after an earlier exuberance in the markets after details of a long-awaited cryptocurrency-related U.S. executive order issued by President Joe Biden were revealed.
Elsewhere, Yoon Suk-yeol, a candidate in favor of cryptocurrency deregulation and lower taxes on the industry won the presidential election in South Korea.
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