Bitcoin fell to a two-month low on Thursday, continuing a month-long decline, amid uncertainty over the U.S. presidential elections and reports of bitcoin supply from the defunct Tokyo-based crypto exchange, Mt. Gox. The cryptocurrency dropped over 2% to $57,843, its lowest since May 2, and has lost more than 6% this week. The recent slide accelerated after the first debate between U.S. presidential candidates Joe Biden and Donald Trump, raising concerns that Biden might be replaced by a less crypto-friendly candidate.

Bitcoin's strong start to the year, fueled by the launch of exchange-traded funds in the U.S., propelled it to a record $73,803.25 in mid-March. However, the rally has fizzled, with Bitcoin losing more than 21% since then. A politically charged backdrop, including elections in France and Britain, has contributed to some risk reduction, alongside changing odds in the U.S. election campaign. Reports of Mt. Gox repaying its creditors could be dragging Bitcoin lower if those creditors sell their tokens, said IG analyst Tony Sycamore. Ether, another major cryptocurrency, also declined more than 1% to $3,213, down over 22% from its mid-March highs.