Due to concerns about the US presidential election and information about the supply of bitcoin from a closed Tokyo-based cryptocurrency exchange, the price of bitcoin fell to a two-month low on Thursday, prolonging a decline that began a month ago.
At its lowest point since May 2, Bitcoin dropped more than 2% to $57,843 and has lost more than 6% this week. The largest cryptocurrency in the world has been under pressure in recent months, and this week’s decline picked up speed as Donald Trump and Joe Biden’s first debate raised the possibility that Biden would be ousted from the race for president.
Josh Gilbert, a market analyst at digital brokerage eToro, stated, “if he (Biden) is to be replaced, and there’s a lot of conversation going around that, that person may not be pro-crypto.
Following the introduction of exchange-traded funds in the United States, Bitcoin experienced a robust beginning to the year, rising to a record $73,803.25 in mid-March as investors flocked to the platform. But since then, the surge has petered out, and Bitcoin has dropped by more than 21%.
Along with the shifting odds in the US election campaign, analysts noted that a politically charged environment, including ongoing elections in France and Britain, is leading to some reduction in risk.
Analysts also cited reports that Mt. Gox, the largest cryptocurrency exchange in the world before its 2014 bankruptcy, is paying back its debts, which may cause bitcoin’s value to decline if those creditors sell off their tokens.
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