Bitcoin price rises after assassination attempt on Trump
Bitcoin price surged above $63,000 following a failed assassination attempt on former US President Donald Trump at a campaign rally. The cryptocurrency climbed nearly 10%, from under $58,000 on Friday to over $63,000 on Monday morning. The sharp rise followed a shooting at a Trump rally in Pennsylvania on Saturday, in which Trump suffered only minor injuries.
Analysts see improved prospects
Analysts attribute the price increase to the improved prospects for Trump's election in November. Trump's positive attitude toward Bitcoin and his promise to reduce regulatory restrictions make him popular among Bitcoin supporters. Confirming his continued support, Trump's team announced that he will attend the Bitcoin 2024 conference in Nashville in two weeks.
Bitcoin overcomes 200-day average
Strong trading volume accompanied Bitcoin's rise above its 200-day moving average, a key technical level often seen as a bullish indicator (indication of rising prices) following recent market pressure. Bitcoin is recovering from previous lows near $53,000, caused by selling related to the Mt. Gox payouts (repayment of Bitcoin lost in the Mt. Gox exchange's bankruptcy) and actions by the German government. The market sees this bounce as a potential bottom, and further gains could push Bitcoin toward its previous all-time highs, especially with the possibility of a Trump presidency.
