Bitcoin’s price continues its remarkable rebound. After dipping below $60,000 for about ten days, it surged back above $64,000 over the weekend. The world’s largest cryptocurrency now trades at $64,894, a 5.89% rise in the past 24 hours, according to The Block’s bitcoin price page.
This recovery mirrors a wider cryptocurrency market upswing. Ether climbed 6.08% to $3,468, and BNB jumped 6.51%, trading around $581 at the time of writing.
The rebound in Bitcoin’s price is partly attributed to political events. Former U.S. President Donald Trump, a known crypto advocate, survived an assassination attempt at a rally on Saturday. This incident appears to have fueled optimism in the crypto community, viewing Trump as a strong supporter of cryptocurrency.
Gracy Chen, CEO of Bitget, commented,
“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.”
Bitcoin and Other Tokens
Adding to the bullish sentiment, Trump selected crypto-friendly Senator J.D. Vance as his running mate for the 2024 presidential election. Trump is also slated to speak at the Bitcoin 2024 conference in Nashville later this month.
These developments have sparked interest in Trump-themed memecoins and boosted crypto-related stocks. Coinbase closed up over 11% on Monday, and MicroStrategy saw a 15.3% gain.
Meanwhile, ether’s rise is linked to the anticipated launch of spot Ethereum exchange-traded funds (ETFs). Sources confirmed with The Block that these ETFs will likely begin trading on July 23. Bloomberg Senior ETF Analyst Eric Balchunas broke the news on X. This follows the Securities and Exchange Commission’s soft approval of issuers in late May.
Presto Research analysts noted,
“While it’s difficult for ETH to topple BTC on the first point, ETH can potentially catch up with BTC on institutional branding starting next week, given that its spot ETF trading is likely to commence on July 23rd.”
The research firm predicted that the ETH/BTC ratio could recover to mid-May levels in the near term. Over the long term, restoring the ETH/BTC ratio to the 2021 bull cycle level suggests significant upside potential.
Bitcoin’s recovery underscores the resilience and volatile nature of the cryptocurrency market, influenced by both market dynamics and political events.
