Bitcoin Plummets 8% to 4-Month Low

5 Jul 2024 , 01:23 PM

Concerns over possible increases in the supply of cryptocurrencies and the ambiguity surrounding Joe Biden’s status as the Democratic Party’s nominee for president of the United States caused Bitcoin to plummet to a four-month low on Friday, setting the stage for its worst weekly performance in a year.

The price of bitcoin dropped 8% to $53,918 on Friday, the lowest since the end of February. Ether fell 9% to $2,855, a level not seen in 1.5 months.

With the introduction of exchange-traded funds in the United States, Bitcoin had a great start to the year, rising to a record $73,803.25, in mid-March. But since then, bitcoin has dropped by more than 21%.

After his lackluster performance in the first debate against Donald Trump, investors are also concerned that Biden might be replaced as the Democratic Party’s presidential nominee by someone who is less pro-crypto, according to market players.

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