Bitcoin and other cryptocurrencies fell on Thursday as some of the initial excitement around U.S. President Joe Biden’s executive order on digital assets faded. Bitcoin was last down more than 6% at $39,324.04.On Wednesday, bitcoin surged as high as $42,577 after starting the day trading at around $38,744.Other cryptocurrencies such as ether and XRP were also trading lower.

Wednesday’s spike came as optimism around Biden’s executive order on cryptocurrencies mounted. The order focuses on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness in the industry, financial inclusion and responsible innovation.

Some high-profile cryptocurrency industry players praised the president’s executive order, while others called the move “defensive.”