The flagship cryptocurrency is back on track! Crypto investors welcome Bitcoin's steady rally. Curiously, its recent growth has been sparked by unpleasant news—the attempted assassination of Donald Trump. Since then, the market has stabilized. On Monday, July 15, the BTC price spiked, rebounding from a recent low as the market was digesting the accident at an election rally in Butler, Pennsylvania. Later on, Bitcoin managed to rise to nearly $63,000.
The catalyst for BTC growth was speculation that the failed assassination attempt might boost Trump's chances for a second term. Importantly, the Republican Party candidate has claimed that he is a proponent of cryptocurrencies. In his recent campaign speech, he supported digital assets, stating his readiness to safeguard Bitcoin's status in the US.
In this context, Bitcoin showed an intraday gain of 4.6% and reached $62,708. Last week, the number one crypto weakened below a four-month low. However, BTC is now trading almost $10,000 higher.
Currently, the billionaire is accepting cryptocurrency donations for his election campaign. Many experts indicate that Donald Trump's re-election will be bullish for cryptocurrencies. Hence, the current situation has enabled digital assets’ appreciation. Indeed, Trump's defiant stance after the assassination attempt has increased his popularity.
However, many analysts doubt that Bitcoin will be able to grow significantly in the near future. The main reason for the potential slowdown in BTC growth is the massive payouts to creditors from now-defunct cryptocurrency exchange Mt. Gox.
The thing is that Mt. Gox has begun repaying cryptocurrency stolen during the hack in 2014. So far, the company's management is not going to stop payouts.
As a result, the market has faced a sudden flood in crypto supply. It was one of the reasons for Bitcoin's recent decline as traders were confident that defunct exchange users would rush to sell coins. Currently, the total payout volume from Mt. Gox is unclear. In early 2024, it was reported that wallets linked with the exchange platform moved tokens worth $9 billion. Nevertheless, market sentiment has brightened up. Expectations of a Federal Reserve rate cut in September have played a significant role in this improvement.
