Bitcoin dropped back below $40,000, erasing almost all the gains sparked by optimism about US President Joe Biden’s executive order to focus more on the crypto sector.

The largest cryptocurrency declined as much as 7.2 per cent to $38,894 on Thursday, falling for the first time in three days.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

Most of the top cryptocurrencies were down at least slightly in the 24 hours to 4:15 p.m, Hong Kong time.