4 July 2024 Punjab Khabarnama : Bitcoin has experienced a decline below $60,000 for the third consecutive day. This drop is attributed to concerns regarding President Biden’s re-election bid and outflows in ETFs that track cryptocurrencies. Additionally, the potential mass sale from the defunct crypto exchange Mt Gox is also impacting prices. The administrators of Mt Gox are returning over 137,000 Bitcoins, valued at over $8 billion, to creditors in stages. This distribution of assets, which were stolen in a 2014 hack, could potentially create selling pressure. Other cryptocurrencies like ether, Solana, and meme coins like dogecoin are also facing downward pressure.
Bitcoin investors are considering the US election situation and the potential impact on cryptocurrencies. There is speculation about Joe Biden’s candidacy and the possibility of a stronger Democratic candidate who may not support crypto. On the other hand, investors are also interested in Donald Trump, the Republican nominee and former President, who has shown a positive stance towards cryptocurrencies.