Bitcoin
recovers to near $63K after Trump shooting By Investing.com
Investing.com– Bitcoin’s price surged on Monday, rebounding further from recent lows as markets grappled with the fallout from the assassination attempt on former President Donald Trump.
Speculation that the failed assassination could boost Trump’s chances of winning a second term has been a key factor in Bitcoin’s rally, as the Republican frontrunner has maintained a pro-crypto stance in recent months.
rose 4.6% over the past 24 hours to $62,708.9 as of 01:26 ET (05:26 GMT). The token had fallen to more than four-month lows last week but was now trading nearly $10,000 above them.
Bitcoin boosted by speculation over Trump presidency
Trump reportedly suffered minor injuries after a gunman opened fire at a rally in Pennsylvania. But the former president was seen urging his supporters to “fight!” shortly after the attack.
Initial reactions to the attack were that it would greatly increase Trump’s chances of beating Joe Biden.
Trump has spoken in support of cryptocurrency during his recent campaign efforts, stating that he would ensure that the future of Bitcoin would be made in the US.
Trump also reportedly accepts campaign donations in cryptocurrencies.
Expectations that his re-election would be positive for cryptocurrencies boosted prices over the weekend, especially as Trump’s somewhat defiant stance in the face of the attack was likely to boost his popularity.
Mt Gox distributions remain in play
But how far Bitcoin could go remained a question mark, as distributions from now-defunct cryptocurrency exchange Mt Gox looked set to continue.
Mt Gox began returning cryptocurrency lost during a 2014 hack to customers in early July and has shown no sign of stopping.
The sudden increase in token supply was a major driver of Bitcoin’s recent drop, as traders bet that recipients of the tokens would likely sell them.
While it was not immediately clear what the full extent of Mt Gox’s distribution will be, wallets associated with the exchange moved around $9 billion worth of tokens earlier this year.
Cryptocurrency Price Today: Altcoins Track Bitcoin’s Recovery
Broader cryptocurrency prices also recovered, with the world’s No. 2 token rising 4.3% to $3,338.85.
and recovered between 1.5% and 5%, while among meme tokens, it added 3.8%, while it rose almost 4%.
Sentiment towards cryptocurrencies has also improved amid growing expectations of an interest rate cut by the Federal Reserve in September.