The price of Bitcoin rose above $63,000 after an assassination attempt on former US President Donald Trump at a campaign rally.
Bitcoin jumped nearly 10% from below $58,000 on Friday to above $63,000 on Monday morning. The sharp rise came after a gunman opened fire at a Trump rally in Pennsylvania on Saturday.
While Trump survived with minor injuries, analysts have linked Bitcoin’s rising price to an increased chance of Trump winning the November election. Trump has embraced Bitcoin and crypto and promised to roll back regulations, making him the candidate of choice for many Bitcoin advocates.
In addition, the Doland Trump Team has also confirmed that he will still be attending the Bitcoin 2024 conference in Nashville in person in two weeks, further confirming his commitment to Bitcoin.
Exchanges saw heavy trading volume as Bitcoin broke above its 200-day moving average. Some analysts see holding this technical level as a bullish signal after weeks of downward pressure.
The gains follow Bitcoin’s recovery from lows of nearly $53,000 earlier this month, when selling took place in the Mountain Gox payouts and the German government anxious markets. Traders hope this rally marks a final bottom.
Bitcoin is regaining its position above $60,000 after a brutal few weeks. If the breakout rally continues, Bitcoin could still return to record highs ahead of a Trump presidency.