Investing.com — Bitcoin price rose on Monday, rebounding further from recent lows as markets grappled with the fallout from an assassination attempt on former President Donald Trump.
Speculation that the botched assassination could boost Trump's chances of a second term was a key driver of Bitcoin's rally, given that the Republican front-runner has maintained a favorable stance on cryptocurrencies in recent months.
The token 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!” immediately after the attack.
Initial reactions to the attack were that it would greatly increase Trump's chances of victory over Joe Biden.
Trump spoke in favor of cryptocurrencies during his recent campaign efforts, stating that he would ensure that the future of Bitcoin was made in the US.
Trump also reportedly accepts campaign donations in cryptocurrency.
Expectations that his re-election would be positive for cryptocurrencies sent prices soaring over the weekend, especially as Trump's somewhat defiant stance in the face of the attack seemed likely to boost his popularity.
Mt Gox distributions are still valid
But how far Bitcoin could go remains a question, as distributions from the defunct Mt Gox cryptocurrency exchange look set to continue.
Mt Gox began returning cryptocurrency lost during a 2014 hack to its customers in early July and has given no signs of stopping.
The sudden increase in token supply was a key driver of Bitcoin's recent crash, 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 were observed moving around $9 billion worth of tokens earlier this year.
Cryptocurrency price today: Altcoins follow Bitcoin's recovery
Cryptocurrency prices in general also recovered, with the world's No. 2 token up 4.3% to $3,338.85.
and bounced between 1.5% and 5%, while among meme tokens, it added 3.8%, while it rose almost 4%.
Sentiment towards cryptocurrencies also improved amid rising expectations of an interest rate cut by the Federal Reserve in September.
