Investing.com– Bitcoin rose on Monday, rebounding from recent lows as markets grappled with the fallout from the assassination attempt on former President Donald Trump.

Speculation that the failed coup could boost Trump’s chances for a second term has been a key factor in bitcoin’s rise, given that the Republican frontrunner has maintained a favorable stance on cryptocurrencies in recent months.

is up 4.6% in the past 24 hours to $62,708.90 by 01:26 ET (05:26 GMT). The token fell to four-month lows last week but is now trading nearly $10,000 above them.

Bitcoin Rising on Trump Presidency Speculation

Trump reportedly suffered minor injuries when a gunman opened fire at a rally in Pennsylvania. However, the former president was seen urging his supporters to “fight!” shortly after the attack.

Initial reactions to the attack were that it could significantly enhance Trump’s chances of defeating Joe Biden.

During the recent election campaign, Trump spoke out in favor of cryptocurrencies, stating that he would make sure the future of bitcoin was made in the U.S.

Trump also reportedly accepts campaign donations in cryptocurrency.

Expectations that his re-election would be a boon for cryptocurrencies boosted prices over the weekend, especially as Trump’s somewhat defiant stance in the face of the attack is likely to boost his popularity.

Mt Gox Distributions Remain in Play

However, how far Bitcoin could go remained uncertain, as distributions from the now-defunct cryptocurrency exchange Mt Gox were apparently set to continue.

Mt Gox began refunding customers cryptocurrency lost in the 2014 hack in July and has given no indication it intends to stop doing so.

The sudden enhance in token supply was a key factor in bitcoin’s recent decline as investors bet that recipients of the tokens would likely sell them.

While it was initially unclear what the full scope of Mt Gox’s distribution would be, earlier this year it was reported that wallets linked to the exchange had transferred around $9 billion worth of tokens.

Cryptocurrency Price Today: Altcoins Track Bitcoin’s Recovery

Prices of broader cryptocurrencies also rebounded, with the world’s No. 2 token rising 4.3% to $3,338.85.

and rebounded by 1.5%-5%, while among meme tokens it rose by 3.8% and was up almost 4%.

Sentiment towards cryptocurrencies has also improved amid rising expectations for a Federal Reserve interest rate cut in September.