Bitcoin surges above USD60K mark, rebounding from earlier losses

(MENAFN) On Tuesday, Bitcoin surged above the USD60,000 mark, recovering from losses incurred the previous day, which coincided with an assassination attempt on former US President and Republican nominee Donald Trump. By 1:05 PM EDT (1705 GMT), Bitcoin, the leading cryptocurrency by market capitalization, was trading at approximately USD60,800, marking a daily increase of 5.4 percenrt.

Ethereum, the largest altcoin, also saw a notable rise, trading at USD2,370 with a daily gain of over 3.7 percenrt. The total cryptocurrency market valuation reached USD2.1 trillion, reflecting a 4 percenrt increase on the day. Bitcoin's dominance within the market was at 57.3 percenrt, while Ethereum's share stood at 13.6 percenrt, according to CoinMarketCap.

The increase in Bitcoin's value came in the wake of gunshots being reported outside Trump International Golf Club in West Palm Beach on Sunday. The FBI has labeled the incident as an "attempted assassination," adding to the recent turmoil surrounding Trump, who was previously injured in an assassination attempt during a campaign rally in July.

Bitcoin had peaked at USD69,992 on July 29, shortly after Trump announced his vision of making the US the global "crypto capital" and a leading Bitcoin superpower. However, cryptocurrencies faced a sharp downturn beginning August 1, as recession fears triggered a global market decline.

Additionally, Bitcoin exchange depositing addresses fell to their lowest levels since 2016, suggesting a decrease in selling pressure, according to CryptoQuant. The firm highlighted that a low deposit value could indicate reduced selling activity and potential market stability. Meanwhile, new large-scale investors, or "whales," along with Binance traders, are reportedly buying Bitcoin, suggesting possible future price growth and market stability.

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