Investing.com-- Bitcoin price slipped marginally on Friday and was headed for a steep weekly loss as a rout in broader financial markets, on concerns over slowing economic growth, battered crypto prices.
Bitcoin was dented by reports that the U.S. government had mobilized about $2 billion of confiscated tokens for a potential sale- a scenario that presents downward pressure on Bitcoin’s price. Harris, on the other hand, has made no open statements about crypto. But it is widely assumed that she will continue to Biden administration’s crackdown against the sector on the grounds that it fosters fraud.Following its latest decline, Bitcoin is now hovering near its 50-day moving average, which serves as a key support line for some traders.
“August is considered one of the two worst months for BTC. Over the past 13 years, bitcoin has ended the month up only five times and down eight times. The average decline was 15.4% and the average rise was 26%," they added.