Bitcoin sinks 8% to four-month low, ether slides 9%

Bitcoin had a strong start to the year after the launch of in the U.S., propelling it to a record $73,803.25 in mid-March. However, bitcoin has lost more than 21% since then.

Investors are also fretting about the possibility of Biden being replaced as the Democrats' presidential nominee by someone who is less pro-crypto, market participants said, after his poor performance in the first debate against Donald Trump.

Analysts also pointed to reports that , the world's leading exchange for cryptocurrencies before it went defunct in 2014, is repaying its creditors. That has sparked concern that bitcoin is likely to face further downward pressure if those creditors offload their tokens.

Source: Forex-Markets-Economic Times