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Bitcoin continues to plunge to $55,000, the U.S. election may cause further decline.

TraderKnows
TraderKnows
07-05

This Friday, Bitcoin continued its recent downward trend, falling by 5%. It has dropped from its previous high of over seventy thousand to 55,366, making its future outlook increasingly bleak.

Bitcoin fell to a four-month low on Friday and is on track to have its worst week in a year, due to uncertainty over whether Joe Biden will continue as the Democratic presidential candidate and concerns about a potential increase in cryptocurrency supply.

Bitcoin's price fell 5% on Friday to $55,366, the lowest level since late February, and it is down 10% for the week. Ethereum's price dropped 8% to $2,891, the lowest in a month and a half.

Bitcoin showed strong performance at the beginning of the year, driven by the launch of a U.S. traded fund, pushing its price to an all-time high of $73,803.25 in mid-March. However, since then, Bitcoin has declined by over 21%.

Market participants indicated that investors are also concerned that Biden might be replaced by a less crypto-friendly Democratic candidate, due to his poor performance in the first debate with Donald Trump.

Analysts also pointed out that the once-leading cryptocurrency exchange Mt. Gox is repaying its creditors. Reports suggest that if these creditors sell their tokens, Bitcoin could face further downward pressure.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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