Investing.com– Bitcoin fell on Thursday, reversing its robust rebound as concerns continued about the distribution of tokens by shuttered cryptocurrency exchange Mt Gox.

Bitcoin has rebounded from nearly four-month lows over the past few sessions, with the prospect of a Donald Trump presidency causing investors to price in the possibility of a much friendlier regulatory environment.

fell 1.3% in the past 24 hours to $64,818.4 as of 01:52 ET (05:52 GMT).

Mt Gox concerns persist after $2.8 billion mobilisation

Concerns about Mt Gox’s token distribution remained relevant, especially as wallets linked to the exchange mobilized $2.8 billion worth of tokens earlier this week.

The exchange recently signaled that it would begin returning tokens stolen in a 2014 hack to creditors in July. It is still unclear how many Bitcoins the overall distribution will include.

This has raised concerns that a keen raise in Bitcoin supply will raise selling pressure on the token and lead to a decline in its price, given that recipients of the tokens will be more inclined to sell them after their impressive growth over the past decade.

Concerns about Mt Gox led to keen declines in the value of bitcoin in early July, sending the token to a near four-month low and approaching levels that could cause miners to capitulate.

However, the token has rebounded sharply this week amid heightened speculation about a second Trump presidency, given that the former president expressed support for cryptocurrencies during his last election campaign.

Trump is also scheduled to speak at a Bitcoin conference in Nashville in delayed July. The former president has gained massive popularity following last week’s failed assassination attempt.

Additionally, cryptocurrencies have benefited from the recent weakening of the dollar, amid growing expectations that the Federal Reserve will start cutting interest rates in September.

Cryptocurrency Price Today: Altcoins Pull Back as Rebound Cools

Among broader cryptocurrency prices, major altcoins also saw their recent gains ease as the rebound faded.

The world’s second-most valuable token fell 2.2% to $3,423.02, although it remained relatively stable on the prospect of ETF approvals in US markets.

fell 3.3%, changing course after rumors of a settlement with the Securities and Exchange Commission emerged Wednesday, sending the stock sharply higher.
and traded between flat and low, while among meme tokens SHIB fell 3.8% and DOGE fell 2.7%.