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The price of the world’s largest cryptocurrency slid as much as 8 per cent on the day to US$53,523, its lowest since late February.Advertisement “The selling pressure is still related to creditor selling from the failed Mt Gox exchange,” said Tony Sycamore, a market analyst at IG.Analysts have also pointed to worries over the possibility of Joe Biden being replaced as the Democrats’ presidential nominee by someone less pro-crypto after a shaky debate performance with rival candidate Donald Trump.
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the US, propelling it to a record US$73,803.25 in mid-March. However, it has since struggled.