Bitcoin surged above the $60,000 threshold, reaching a nearly two-week high, influenced by several factors including political events and regulatory concerns. A failed assassination attempt on former President Donald Trump increased his odds of retaking the White House in November, according to market predictions. Trump, who has emerged as the pro-crypto candidate leading up to this year’s US presidential election, is scheduled to attend the Bitcoin Conference in Nashville, Tennessee on July 27. 

The cryptocurrency market has been experiencing volatility due to various factors. Bitcoin came under pressure in recent weeks as investors pulled capital out of Bitcoin ETFs, leading to massive liquidations among leveraged traders. The selloff was further exacerbated by repayments from the bankrupt Japanese exchange firm Mt. Gox and heavy Bitcoin selling from Germany’s Bundeskriminalant. 

Regulatory concerns continue to impact the crypto industry. Crypto executives recently met with US officials to discuss concerns over a regulatory crackdown, as the Biden administration’s anti-crypto stance has kept the industry on edge. However, cooling US inflation has cemented bets for Federal Reserve rate cuts, providing some support to the cryptocurrency market. 

(Bitcoin Weekly Chart) 

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