Investing.com– Bitcoin fell slightly on Friday as the recent rebound in cryptocurrency markets lost momentum. Withdrawals from the shuttered Mt Gox exchange and other clues about the U.S. regulatory outlook remained in focus.

The world’s largest cryptocurrency has seen a sturdy rebound this week on bets that a Donald Trump presidency will bring a better regulatory environment for cryptocurrencies, given that Trump touted more amiable cryptocurrency regulations as part of his re-election campaign.

This helped to ease concerns about selling pressure from token distribution by Mt Gox, which began accumulating billions of dollars in Bitcoin to return to creditors after the 2014 hack.

fell 0.9% to $64,166.3 by 02:03 ET (06:03 GMT). It is up 8.5% over the past week.

Cryptocurrency markets were also under pressure

Bitcoin Headed for Strong Week on Trump Speculation

The world’s largest cryptocurrency rebounded from a four-month low this week as Trump’s popularity surged following a failed assassination attempt on his life last week.

This week he was formally nominated as the Republican Party’s presidential candidate.

The former president maintained a largely pro-cryptocurrency stance during his last election campaign, stating that the future of cryptocurrencies should be built in the U.S. His campaign also accepts cryptocurrency donations.

Trump is scheduled to speak at a Bitcoin conference in Nashville later this month, where social media speculation has suggested the presidential frontrunner could potentially unveil plans to declare Bitcoin a “strategic reserve asset.” However, there has been no credible basis for that speculation.

Mt Gox fears Bitcoin profit cap

However, concerns about Mt Gox’s distribution remained relevant, especially as wallets linked to the exchange mobilized almost $3 billion worth of tokens earlier this week.

Concerns about the distribution, which is likely to significantly augment the supply of bitcoin, caused the value of bitcoin to plummet in early July, but the token has since recovered losses.

It is still unclear how substantial the distribution of Mt Gox will be. Traders have also speculated that given Bitcoin’s massive gains over the past decade, recipients of the token will be more inclined to sell – a scenario that presents sturdy selling pressure on the token.

Cryptocurrency Price Today: Altcoins Fall, But ETF Speculation Continues

Among the broader cryptocurrency markets, major altcoins also retreated as the recent rebound weakened, although losses were constrained by speculation about more ETF launches in the U.S.

fell 0.2% to $3,444.58 as the Securities and Exchange Commission could approve a spot Ether ETF as early as next week, according to recent reports.

rose 3.8% after recent reports showed that work was underway to create a SOL spot ETF.

and fell 2.3% and 4.7% respectively, while among meme tokens they fell 1.1% and fell 6.2%.