Pressure on the world’s biggest cryptocurrency came chiefly from speculation over potential token sales by the U.S. government, which reportedly holds about $12 billion worth of tokens and is among the biggest Bitcoin holders in the world.
The world’s biggest cryptocurrency had risen as far as $70,000 on Monday after Republican presidential nominee Trump promised friendlier regulations when speaking at the Bitcoin Conference over the weekend.
Bitcoin price jumped on Friday, recovering some measure of losses this week as crypto markets awaited an address by Republican presidential nominee Donald Trump at the Bitcoin Conference this weekend.
Bitcoin, and by proxy broader crypto markets, were also dented by uncertainty over the U.S. presidential race, especially after President Joe Biden pulled out of the race and endorsed Vice President Kamala Harris as the Democratic frontrunner.
Bitcoin came under pressure from increased uncertainty over the U.S. presidential race, especially after President Joe Biden dropped his reelection bid and endorsed Vice President Kamala Harris.
The launch comes nearly six months after spot Bitcoin ETFs were approved for U.S. markets. While the launch had provided an initial boost to Bitcoin, driving it to record highs in March, the token has since floundered around the $60,000s for most part, while trading volumes in the ETFs also eased.
Bitcoin and broader crypto markets were now grappling with increased uncertainty over the 2024 elections, after Biden endorsed Vice President Kamala Harris as the Democratic presidential nominee. While Harris will still need to be officially nominated during the Democratic National Convention in August, a slew of top Democrats endorsed her nomination.
The world’s biggest cryptocurrency clocked a strong rebound this week on bets that a Donald Trump presidency will yield a better regulatory environment for crypto, given that Trump has touted friendlier crypto regulation as part of his reelection campaign.
Bitcoin had rebounded from near four-month lows in the past few sessions, as the prospect of a Donald Trump presidency saw traders pricing in the potential for a much friendlier regulatory environment.
Bitcoin price rose on Tuesday, buoyed by the prospect of friendlier crypto regulations in the U.S. as traders speculated that Donald Trump will win a second term in the 2024 presidential race.
