BITCOIN DROPS TO TWO-MONTH LOW AMID U.S. ELECTION UNCERTAINTY

Thu 04 July 2024:

Bitcoin slid to a two-month low on Thursday, extending a month-long decline, as uncertainty over U.S. presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange weighed on the market, Reuters reported.

Bitcoin fell over 2% to $57,843, its lowest since May 2, and has lost more than 6% so far this week.

The world’s largest cryptocurrency has been under pressure in recent months, with its decline accelerating this week after the first debate between U.S. presidential candidates Joe Biden and Donald Trump raised concerns about Biden being replaced as a candidate.

“If he (Biden) is to be replaced, and there’s a lot of conversation going on around that, that person may not be pro-crypto,” said Josh Gilbert, a market analyst at digital brokerage eToro.

Bitcoin had a strong start to the year following the launch of exchange-traded funds in the U.S., reaching a record $73,803.25 in mid-March as investors flocked in. However, the rally has since fizzled, with bitcoin losing more than 21% from its peak.

A politically charged backdrop, with ongoing elections in France and Britain, is resulting in some risk reduction, analysts said, alongside the changing odds in the U.S. election campaign.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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