Regulation
Bitcoin Price Falls as Cryptocurrency Market Rebound Stalls
Bitcoin price edged lower on Friday as a recent rally in cryptocurrency markets lost momentum as attention focused on distributions from defunct exchange Mt Gox and the U.S. regulatory outlook, News.Az reported, 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 bring a more favorable regulatory environment for crypto, as Trump included more crypto-friendly regulation in his re-election campaign.
That optimism has helped ease concerns about selling pressure from token distributions by Mt. Gox, which recently began mobilizing billions of dollars of Bitcoin to return to creditors after a 2014 hack.
Bitcoin fell 0.9%, reaching $64,166.3 as of 02:03 ET (0603 GMT). Despite the drop, it is still up 8.5% over the past week.
The world’s largest cryptocurrency rebounded this week from a four-month low after Trump appeared to enjoy a massive popularity boost following a failed assassination attempt last week.
The former president has maintained a largely pro-crypto stance during his recent campaign efforts, saying that the future of crypto should be built in the United States. His campaign is also accepting crypto donations.
Trump is scheduled to speak at the Bitcoin conference in Nashville later this month, where speculation on social media has suggested that the presidential frontrunner could potentially outline plans to declare Bitcoin a “strategic reserve asset.” But there appears to be no credible reason to justify this speculation.