SINGAPORE — Bitcoin sank to a four-month low on Friday (July 5) and was on course for its worst weekly performance in a year, hurt by uncertainty over whether Joe Biden will remain the Democrats' US presidential candidate and by worries about potential increases in crypto supply.
Bitcoin sank to a four-month low on Friday and was set for its worst weekly performance in a year, as uncertainty over whether Joe Biden will remain the Democrats' US presidential candidate and concerns about potential increases in crypto supply weighed.
Bitcoin prices fell 5 per cent to $55,366 (74,744), their lowest since February end on Friday, putting the token on track to post a weekly loss of about 10 per cent. Ether slid 8 per cent to $2,891, a one and half month low.
Bitcoin prices had a strong start to the year after the launch of exchange-traded funds in the US, which drove it to a record $73,803.25 in mid-March. However, bitcoin has lost more than 21 per cent since then.
Investors are also concerned 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.
Analysts also highlighted 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.
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