The price of bitcoin (BTC) climbed 2.7% over the past 24 hours, reaching an intraday peak of $60,423 per token. For over a week, BTC remained below the $60,000 mark. 

However, on Sunday morning at 4 a.m. EDT, it surpassed this threshold for the first time in 11 days.

BTC Rises to $60,423, Marking 2.7% Increase Amid Political Tensions in the US

The price of bitcoin (BTC) exceeded the $60,000 threshold on Sunday, following a price boost triggered by the assassination attempt on former President Donald Trump. 

Over the past day, the global crypto market cap grew by 2.2%, reaching $2.21 trillion. Bitcoin itself appreciated by 2.7% against the U.S. dollar and has seen a 4.3% increase over the past week.

In the broader crypto market, $83 million in crypto derivatives positions were liquidated. This included roughly $59.41 million in short positions and $30.48 million in BTC shorts. 

On Sunday, BTC’s top trading pairs were USDT, USD, FDUSD, USDC, and the South Korean won. Currently, while BTC’s global weighted average stands around $60,117 per coin, it is trading at $61,271 per BTC in South Korea, reflecting a 1.9% premium compared to the global average.

The upcoming election appears to be playing a pivotal role in this year’s bitcoin bull cycle, as political events continue to influence market movements. 

The recent price surge following geopolitical tensions underscores how investor sentiment is tightly interwoven with election outcomes. 

As the election season progresses, Bitcoin’s performance may serve as a barometer for market reactions to political developments.