Trump Speculation Helps Bitcoin Rise Past Mt. Gox Jitters

Bitcoin price rose on Wednesday, extending a recent recovery as the prospect of a Donald Trump presidency bringing a friendlier regulatory environment largely

Bitcoin price rose on Wednesday, extending a recent recovery as the prospect of a Donald Trump presidency bringing a friendlier regulatory environment largely offset concerns over selling pressure from Mt Gox.

Speculation over spot exchange-traded funds (ETFs) tracking Ether also aided sentiment towards crypto, as recent media reports said the Securities and Exchange Commission (SEC) was close to approving applications from U.S. fund operators.

Bitcoin rose 2% in the past 24 hours to $65,803.3 by 01:41 ET (05:41 GMT).

Broader risk appetite was also aided by increasing optimism that the Federal Reserve will cut interest rates in September.

Bitcoin’s recovery came largely on the back of increased speculation that Trump will win a second term. The former U.S. president has projected a largely pro-crypto stance in recent campaigning efforts, and is also set to speak at the Bitcoin Conference in Nashville later in July.

Trump was seen gaining a major boost in popularity after a failed assassination attempt on the former President over the weekend.

Trump said on Tuesday that he will also release a fourth collection of non-fungible tokens (NFTs). His campaign also accepts donations in crypto.

Defunct crypto exchange Mt Gox was seen mobilizing about $2.8 billion worth of Bitcoin this week, moving it onto exchanges likely as part of its planned distributions.

The exchange had earlier said it will begin returning tokens stolen during a 2014 hack back to creditors from July.

Fears of such a scenario – which entails a sharp increase in the active supply of Bitcoin tokens – had battered the cryptocurrency, putting it at over four-month lows earlier in July.

But the token recouped all of those losses over the past four days.

Among broader crypto prices, major altcoins also advanced on the prospect of friendlier regulations in the U.S.

Ether rose 3.6% to $3,503.20, as Reuters reported the SEC could approve some spot ETFs by as soon as next week.

XRP surged over 10% amid rumors that Ripple was close to settling a long-running case with the SEC. The regulator had accused the firm of selling unregistered securities.

ADA and SOL rose 1.9% and 4.3%, respectively.

Among meme tokens, SHIB and DOGE both rose about 2.6% each.

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