A third-straight daily slide in Bitcoin took the digital asset close to levels last seen in February amid challenges including US political drama and the potential for disposals by creditors of the failed Mt. Gox exchange.

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The largest cryptocurrency fell as much as 2.7% on Thursday before paring some of the drop to trade 2.4% lower at $58,092 as of 9:20 a.m. in London. Smaller tokens such as Solana and meme-crowd favorite Dogecoin also sank.

“The likelihood of a stronger Democratic candidate replacing Biden who might not be pro-crypto is a factor,” said Richard Galvin, co-founder of hedge fund Digital Asset Capital Management. “A bigger reason in the short term for the Bitcoin weakness is the overhang from Mt. Gox, and government selling.”