Bitcoin Surges Above $64,000 Amid Market Recovery and Pro-Crypto Sentiment

by Nicholas Edwards · 15/07/2024

Bitcoin rebounds to over $64,000 as the wider cryptocurrency market shows signs of recovery. Pro-crypto sentiments following Donald Trump’s rally incident also boost the market.

United States, Bollywood Fever: Bitcoin’s price has rebounded significantly from its dip earlier this month, now trading back above $64,000. The world’s largest cryptocurrency had been trading below $60,000 for around 10 days before starting to recover over the weekend.

According to The Block’s bitcoin price page, the token rose 5.89% to $64,894 in the past 24 hours. The wider cryptocurrency market also showed positive movement, with an increase of 4.97% in the past day. Ether added 6.08% to reach $3,468, while BNB jumped 6.51% to trade around $581 at the time of writing.

The recovery in bitcoin’s price coincided with the survival of pro-crypto former U.S. President and presumptive Republican candidate Donald Trump following an assassination attempt at a rally on Saturday. This incident appeared to serve as a catalyst for the cryptocurrency’s resurgence. Earlier in the month, bitcoin’s downturn was primarily driven by concerns of significant selling pressure from Mt Gox and the German government’s bitcoin sales.

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“In the immediate aftermath of the assassination attempt, there was a surge of enthusiasm within the crypto community, particularly among those who see Trump as a strong advocate for crypto,” said Bitget CEO Gracy Chen.

Adding to the positive sentiment, Trump selected crypto-friendly Sen. J.D. Vance as his running mate for the 2024 presidential election on Monday. Additionally, Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville later this month.

This wave of bullish sentiments also sparked the rise of Trump-themed memecoins and boosted crypto-related stocks. Coinbase closed up more than 11% on Monday, while MicroStrategy ended the day with a 15.3% gain.

The recovery in bitcoin and the broader cryptocurrency market reflects growing confidence and enthusiasm among investors, driven by pro-crypto political developments and influential endorsements. As the market continues to evolve, these factors could play a significant role in shaping the future of digital currencies.

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