US presidential election uncertainty drives Bitcoin to two-month low
Bitcoin fell to a two-month low, extending a month-long decline due to uncertainty over the US presidential election. Bitcoin has been under pressure in recent months, and its decline accelerated this week after the first debate between US presidential candidates Biden and Trump sparked concerns that Biden would be replaced. Josh Gilbert, a market analyst at digital brokerage eToro, said that if Biden is to be replaced, that person may not be one who supports cryptocurrencies. In addition, defunct crypto exchange Mt.Gox is paying back creditors, and Bitcoin could move lower if those creditors sell off their tokens. Tony Sycamore, a market analyst at IG, said people expect that some of Bitcoin's initial buyers will start selling, which is a significant proportion.
