With Mt. Gox withdrawals and anxiety surrounding the US election, bitcoin reaches a two-month low of $57,000

This week, Bitcoin has dropped almost 6% and reached its lowest point since May 2.

Due to allegations of bitcoin supply from a closed Tokyo-based cryptocurrency exchange and uncertainty around the U.S. presidential election, bitcoin sank to a two-month low on Thursday, falling more than 4% to $57,711.

This week, Bitcoin has dropped almost 6% and reached its lowest point since May 2.

The biggest cryptocurrency in the world has been under pressure recently as worries about Joe Biden's potential replacement as a presidential contender have been highlighted by the first debate between Donald Trump and Joe Biden.

Before making a brief comeback to little under 60k USD, Bitcoin plummeted to a fresh three-month low of less than 58k USD. Although the current local low for bitcoin is 56.7k USD, a drop below that would bring the price of bitcoin to a five-month low. 60k USD can now turn into a barrier if it isn't regained, according to CoinSwitch Markets Desk.

After exchange-traded funds were introduced in the United States, Bitcoin had a great start to the year. Investors rushed to it, and it reached a record high of $73,803.25, in mid-March. Since then, however, the surge has petered out, with Bitcoin down more than 21% from its high.

Analysts blame this fall on a politically sensitive climate, with changes in the U.S. presidential campaign dynamics and continuing elections in France and Britain causing some risk reduction.

Furthermore, if creditors are liquidating their tokens, news that Mt. Gox, the top cryptocurrency exchange in the world before to its 2014 collapse, is paying back its debts might be a factor in Bitcoin's downfall.

Although the cryptocurrency had significant increases earlier in the year, Sycamore pointed out that there was still a chance for it to retake the highs from March and perhaps climb as high as $80,000.

However, Bitwise, an asset management company, has changed its S-1 registration with the US SEC and anticipates receiving final clearance for the ETH ETF as soon as July. Nevertheless, given that ETH dropped by more than 3% yesterday, Coinswitch said, "this news could not stop ETH to bleed."

Another prominent cryptocurrency, Ether, was down more than 22% from its high in mid-March and was trading little over 1% down at $3,213.0.

The price of ether dropped by more than 5.4%, hitting $3,200. Simultaneously, there were declines of 6.1%, 8.8%, and 7.2% in other well-known tokens like as Dogecoin, Solana, and BNB from Binance.

Over the last 30 days, there has been a noticeable decrease in the value of Bitcoin of 18.31%. Its high at $73,700 in March was followed by this decline, which was mainly caused by regulatory clearances and the introduction of spot Bitcoin exchange-traded funds.