Regulation
Bitcoin Price Drops as Crypto Market Recovery Stalls
Bitcoin price fell slightly on Friday as the recent recovery in cryptocurrency markets lost momentum, with attention focused on the distributions of the defunct Mt Gox exchange and the regulatory outlook in the United States, News.Az reports citing foreign media.
The world’s largest cryptocurrency had seen a strong rally earlier in the week, fueled by bets that a Donald Trump presidency could lead to a more favorable regulatory environment for cryptocurrencies, as Trump has included more crypto-friendly regulation in his re-election campaign.
That optimism has helped ease concerns about selling pressure from token issuance by Mt Gox, which recently began mobilizing billions of dollars in Bitcoin to repay creditors after a 2014 hack.
Bitcoin fell 0.9% to $64,166.3 by 02:03 ET (06:03 GMT). Despite the decline, it is still up 8.5% over the past week.
The world’s largest cryptocurrency recovered from four-month lows this week, after Trump appeared to get a huge boost in popularity following last week’s failed assassination attempt.
The former president maintained a largely pro-crypto stance during his recent campaign, saying that the future of cryptocurrency should be built in the United States. His campaign also accepts cryptocurrency donations.
Trump is scheduled to speak at the Bitcoin Conference in Nashville later this month, where social media speculation has suggested the presidential frontrunner could potentially outline plans to declare Bitcoin a “strategic reserve asset.” But there appeared to be no credible basis for the speculation.