Bitcoin price surged above $63,000 after an assassination attempt on former US President Donald Trump during an election rally.
Bitcoin jumped about 10% from less than $58,000 on Friday to more than $63,000 on Monday morning. The sharp move came after a gunman opened fire at a Trump rally in Pennsylvania on Saturday.
Although Trump escaped with minor injuries, analysts have linked the rise in Bitcoin’s price to Trump’s improved chances of winning the November election. Trump has embraced Bitcoin and cryptocurrencies and pledged to eliminate regulation, making him the favorite candidate of many Bitcoin supporters.
Moreover, the Donald Trump team has As confirmed He will be attending the Bitcoin 2024 conference in person in Nashville in two weeks. This confirms his commitment to Bitcoin.
Stock exchanges saw heavy trading volume as Bitcoin broke through its 200-day moving average. Some analysts see holding this technical level as a bullish signal after weeks of bearish pressure.
The gains add to Bitcoin’s recovery from its lows of $53,000 earlier this month when the selloff following the Mt. Gox and German government payments sent markets into a tailspin. Traders are hoping the bounce could mark a final bottom.
Bitcoin is regaining strength above $60,000 after a few weeks of losses. If the surge continues, Bitcoin could return to all-time highs in anticipation of a Trump presidency.
