Bitcoin Reaches $60,000 After Shots Being Fired at Donald Trump

After a prolonged period of decline in which the price of Bitcoin fell below $54,000, the cryptocurrency managed to rise again to $60,000.

At the time of writing, BTC was trading at around $60,190, representing aroud 4% daily and 4.5% weekly gain. This jump comes shortly after someone opened fire on US presidential candidate Donald Trump.

The declines in question were caused by sales by the German government and news that the now-defunct Mt.Gox crypto exchange was beginning to pay its obligations to creditors.

Despite today’s positive results, some experts such as Marcus Thielen, founder of 10x Research, believe the rise in value will be short-lived.

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He said:

The $55,000 to $56,000 range forms a base in terms of technical analysis. However, given the midterm technical damage, we don’t expect more than a short-term tactical bullish counter-trend rally.”

While many experts believe that Mt. Gox and the German government are the main reasons for Bitcoin’s recent decline, Matrixport experts attributed the drop to Korean investors.

The company’s analysts claim that most of Bitcoin’s decline over the past 30 days, amounting to 13% of the total decline, occurred during Asian trading hours.

Alexander Stefanov