From Investing.com

August 2, 2024 8:35 AM:

Bitcoin price fell slightly on Friday, heading for steep weekly losses amid a broader market rout. Concerns over slowing economic growth and fears of a mass sale event by the U.S. government weighed on crypto sentiment. Bitcoin steadied at $64,255 after dipping to $63,697.1 earlier.

The world’s largest cryptocurrency was set to lose over 5% for the week as uncertainty in the crypto sector grew. Reports of the U.S. government potentially selling $2 billion of confiscated tokens added downward pressure on Bitcoin. A risk-off sentiment and weak economic data from the U.S. and China drove traders to safe havens like gold and the dollar.

Global stock markets faced a deep rout due to increased risk aversion. Uncertainty over the U.S. presidential election also played a role, especially as Democratic frontrunner Kamala Harris tied with Republican nominee Donald Trump. Traders were wary of the possibility of a Trump presidency and rallied last week on comments indicating Trump’s support for the crypto industry.

Altcoins followed Bitcoin’s losses, with major tokens tracking weakness in the market. Ethereum fell 1.6% to $3,134.41, on track for a 3.5% weekly loss despite the launch of spot exchange-traded Ether funds in the U.S. Other altcoins like XRP and Dogecoin also declined by 2-7%, while meme tokens like Shiba Inu and Dogecoin saw over 2% drops.

Read more at Investing.com: flat at $64.5k, set for weekly loss amid broader market rout By Investing.com