Bitcoin’s price dipped slightly on Friday as a recent rebound in the crypto markets lost momentum, with attention focusing on distributions from the defunct exchange Mt Gox and the U.S. regulatory outlook, News.Az reports citing foreign media.
The world’s largest cryptocurrency had seen a strong rebound earlier in the week, fueled by bets that a Donald Trump presidency might result in a more favorable regulatory environment for crypto, as Trump has included friendlier crypto regulation in his reelection campaign.
This optimism helped mitigate concerns about selling pressure from token distributions by Mt Gox, which recently began mobilizing billions of dollars worth of Bitcoin to return to creditors following a 2014 hack.
Bitcoin fell by 0.9%, reaching $64,166.3 by 02:03 ET (06:03 GMT). Despite the dip, it was still up by 8.5% over the past week.
The world’s largest cryptocurrency rebounded from four-month lows this week after Trump appeared to have gotten a massive boost in popularity after a failed assassination attempt last week.
The former president has maintained a largely pro-crypto stance during his recent campaigning efforts, stating that the future of crypto should be built in the U.S. His campaign also accepts donations in crypto.
Trump is set to speak at the Bitcoin Conference in Nashville later this month, where social media speculation suggested the presidential frontrunner could potentially outline plans to declare Bitcoin as a “strategic reserve asset.” But there appeared to be no credible grounds for this speculation.
News.Az
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