Investing.com-- Bitcoin price fell on Thursday, reversing course after a major rebound as persistent fears of token distributions by defunct crypto exchange Mt Gox remained in play.
Bitcoin had rebounded from near four-month lows in the past few sessions, as the prospect of a Donald Trump presidency saw traders pricing in the potential for a much friendlier regulatory environment.
Bitcoin fell 1.3% in the past 24 hours to $64,818.4 by 01:52 ET (05:52 GMT).
Mt Gox jitters persist after $2.8 bln mobilization
Concerns over token distributions by Mt Gox remained in play, especially as wallets associated with the exchange were seen mobilizing $2.8 billion worth of tokens earlier this week.
The exchange had recently signaled that it will begin returning tokens stolen in a 2014 hack back to creditors in July. It remained unclear just how much Bitcoin the overall distribution will entail.
This sparked concerns that a sharp increase in the supply of Bitcoin will increase selling pressure on the token and drive down its prices, given that receivers of the tokens will be more inclined to sell them after a stellar run-up over the past decade.
Fears of Mt Gox had driven sharp declines in Bitcoin through early-July, putting the token at near four-month lows and close to levels which could cause some capitulation for miners.
But the token rebounded sharply this week amid increased speculation over a second Trump presidency, given that the former president has expressed support for crypto in his recent campaigning efforts.
Trump is also set to speak at the Bitcoin Conference in Nashville later in July. The former president was seen getting a massive boost in popularity after a failed assassination attempt last week.
Additionally, crypto benefited from recent weakness in the dollar, amid growing expectations that the Federal Reserve will begin cutting interest rates from September.
Crypto price today: Altcoins retreat as rebound rally cools
Among broader crypto prices, major altcoins also retreated from recent gains as a rebound rally cooled.
World no.2 token Ether fell 2.2% to $3,423.02, although it still remained relatively buoyant on the prospect of spot exchange-traded funds being approved for U.S. markets.
XRP slid 3.3%, reversing course after rumors over a settlement between Ripple and the Securities and Exchange Commission sparked strong gains on Wednesday.
ADA and SOL moved in a flat-to-low range, while among meme tokens, SHIB fell 3.8% while DOGE shed 2.7%.