Synopsis
Bitcoin fell to $53,918. Ether dropped to $2,855. Concerns about Biden’s debate, potential Democratic replacement, and Mt. Gox sell-off impacted the market.
Bitcoin sank to a four-month low on Friday and was on course for its worst weekly performance in a year, hurt by uncertainty over whether Joe Biden will remain the Democrats’ U.S. presidential candidate and by worries about potential increases in crypto supply.
Bitcoin prices fell 8% to $53,918, their lowest since February end on Friday. Ether slid 9% to $2,855, a one and half month low.
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March. However, bitcoin has lost more than 21% since then.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-13.82% BuySmart Contract Tracker-15.08% BuyAI Tracker-20.75% BuyWeb3 Tracker-21.19% BuyDeFi Tracker-23.30% BuyTOP COINS (₹) Tether84 (0.1%)BuySolana10,623 (-6.6%)BuyBitcoin4,539,863 (-7.69%)BuyEthereum241,979 (-10.28%)BuyBNB39,835 (-11.74%)Buy Investors are also fretting about the possibility of Biden being replaced as the Democrats’ presidential nominee by someone who is less pro-crypto, market participants said, after his poor performance in the first debate against Donald Trump.
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View Details » Analysts also pointed to reports that Mt. Gox, the world’s leading exchange for cryptocurrencies before it went defunct in 2014, is repaying its creditors. That has sparked concern that bitcoin is likely to face further downward pressure if those creditors offload their tokens.
