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The price of Bitcoin surged past $63,000 after an assassination attempt on former U.S. President Donald Trump during a campaign rally.
Bitcoin jumped nearly 10% from below $58,000 on Friday to over $63,000 on Monday morning. The sharp move higher came after a gunman opened fire at a Trump rally in Pennsylvania on Saturday.
While Trump survived with minor injuries, analysts linked the rising price of Bitcoin to improved odds of a Trump election victory in November. Trump has embraced Bitcoin and crypto and pledged to roll back regulation, making him the preferred candidate for many Bitcoin advocates.
Moreover, Doland Trump Team has also confirmed that he will still attend the Bitcoin 2024 conference in person in Nashville in two weeks. This further validates his commitment towards the Bitcoin.
Exchanges saw heavy trading volume as bitcoin broke above its 200-day moving average. Some analysts view sustaining this technical level as a bullish signal after weeks of downward pressure.
The gains add to Bitcoin’s recovery from lows near $53,000 earlier this month when sell-offs from the Mt. Gox payouts and the German government spooked markets. Traders are hoping this bounce marks a definitive bottom.
Bitcoin is regaining its footing above $60,000 after a brutal few weeks. If the breakout rally continues, Bitcoin may yet return to all-time highs in anticipation of a Trump presidency.
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