Since former President Donal Trump an assassination attempt on Saturday, the price has surged by about 9%, now sitting at around $64,000.
While momentum is growing, the price movement is sparking debate. Some skeptics believe it might be overvalued.
Before the incident, Bitcoin price traded lower in recent weeks due to massive liquidations by Gemini creditors, Mt. Gox creditors, and the German government.
The German government has been offloading bitcoins that were previously seized in criminal activities.
As J.P. Morgan analysts noted in a recent publication, these liquidations are expected to subside after July.
“We continue to look for a rebound in the CME bitcoin futures position proxy into August to catch up with the recent rise in position proxy,” the report stated.
That said, J.P. Morgan analysts caution that any recovery in the crypto market is likely to be…
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