Bitcoin price reaches $67,500 after five-week low

Bitcoin's value soared 15.9% over the past week, hitting $67,500, with the crypto market reaching $2.43 trillion.

The price of Bitcoin hit $67,500 again on Friday -- the first time after more than five weeks.

Bitcoin saw its price climb to as high as $67,503 during the day, while it was trading just below $67,000 at 6.20 p.m. EDT for a daily gain of 4.7%. It soared 15.9% in the last seven days.

Ethereum, the world's largest altcoin by market cap, was trading at $3,520 for a daily increase of more than 2.5%, while it jumped 12.7% in the past week.

The value of the cryptocurrency market stood at $2.43 trillion, rising 4.1% for the day, according to CoinMarketCap, a digital asset price-tracking website.

Bitcoin, the world's biggest cryptocurrency, plummeted to as low as $53,727 on July 5, erasing all gains of the last four and a half months, while the value of the crypto market then stood at approximately $2 trillion.

The rally comes as investors hope there will be a more crypto-friendly administration if Donald Trump and his running mate JD Vance win the White House in November.

Vance held as much as $250,000 worth of Bitcoin in 2022, according to multiple reports.

After surviving an assassination attempt at a campaign rally in the state of Pennsylvania last weekend, Trump said he will attend the Bitcoin Conference in Nashville, Tennessee, from July 25 - 27.