Investing.com-- Bitcoin price jumped on Monday, rebounding further from recent lows as markets grappled with the aftermath of an assassination attempt on former President Donald Trump.
Speculation that the failed assassination could increase Trump’s chances of a second term was a key driver of Bitcoin’s rebound, given that the Republican frontrunner has maintained a favorable stance on crypto in recent months.
Bitcoin rose 5.2% in the past 24 hours to $62,709.1 by 09:12 ET (13:12 GMT). The token had slid to over four-month lows last week but was now trading nearly $10,000 above them.
Bitcoin buoyed by speculation over Trump presidency
Trump reportedly sustained minor injuries after a gunman opened fire at a rally in Pennsylvania. But the former President was seen urging his supporters to “fight!” in the immediate aftermath of the attack.
Initial reactions to the attack were that it stood to greatly boost Trump’s chances of a victory over Joe Biden.
Trump spoke in support of crypto during his recent campaigning efforts, stating that he would ensure the future of Bitcoin would be made in the U.S.
Trump also reportedly accepts campaign donation in crypto.
Expectations that his reelection would be positive for crypto drove up prices over the weekend, especially as Trump’s somewhat defiant stance in the face of the attack appeared likely to boost his popularity.
Mt Gox distributions remain in play
But just how much further Bitcoin could push remained in doubt, as distributions from defunct crypto exchange Mt Gox appeared set to continue.
Mt Gox began returning crypto lost during a 2014 hack back to clients earlier in July, and has given no signal that it plans to stop.
The sudden increase in token supply was a key driver of Bitcoin’s recent rout, as traders bet that receivers of the tokens would be likely to sell it.
While it was not immediately clear what the full extent of Mt Gox’s distribution will be, wallets associated with the exchange were seen moving about $9 billion worth of tokens earlier this year.
Crypto price today: Altcoins track Bitcoin recovery
Broader crypto prices also rebounded, with world no.2 token Ether rising 5% to $3,351.61.
SOL, XRP and ADA rebounded between 1% and 5.6%, while among meme tokens, DOGE added 5.3%, while SHIB rose nearly 4.7%.
Sentiment towards crypto also improved amid growing expectations for an interest rate cut by the Federal Reserve in September.
Tornado Cash co-founder denied bail, reports say
In other crypto-related developments, Alexey Pertsev, co-founder and developer of Tornado Cash, was denied bail by a Dutch court on Friday, DLNews reported.
Pertsev's lawyers had sought bail to allow him to prepare for his appeals process, but the court stated that "continuing his detention does not obstruct his possibility to prepare his defense,” according to Keith Cheng, Pertsev's lawyer.
Pertsev was found guilty of money laundering by a Dutch judge at the 's-Hertogenbosch court in May and sentenced to 64 months in prison. The verdict caused a significant uproar within the crypto community, with many expressing outrage. The case has been described as one of the most pivotal legal battles in the crypto world.
Last month, Pertsev was denied access to digital facilities such as a computer, despite an 18-point presentation by Cheng highlighting the technical aspects of DeFi involved in the case.
Cheng emphasized to DLNews that Pertsev is a crucial source of knowledge for the kind of preparation that "cannot be done by a lawyer."