Bitcoin (BTC) experienced a significant drop, reaching as low as $56,700 on Thursday. This price level has not been seen since May 1st, as Bitcoin faces several challenges, including US political uncertainties and the ongoing sell-off of BTC seized by the German government. These factors have contributed to a nearly 20% price correction for Bitcoin, causing concern among investors. Unraveling The Bitcoin Price Drop According to a recent Bloomberg report, investors are contemplating potential scenarios if President Joe Biden decides to withdraw his US reelection bid. One possibility is the emergence of a stronger Democratic contender who may pose challenges to Republican Donald Trump, whose agenda favors the crypto industry. Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, highlights the likelihood of a “stronger Democratic candidate” who might not support cryptocurrencies as a factor influencing Bitcoin’s weakness in the short term. Related Reading: Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed In addition, the overhang from the collapsed Mt. Gox Bitcoin exchange case, which plans to begin refunding, affected customers of the alleged hack suffe ..
Support the originator by clicking the read the rest link below.
