Bitcoin Hits Two-Week High After Trump Attack

After Donald Trump’s attempted assassination raised the likelihood of the former president, a cryptocurrency advocate, winning the election, bitcoin rose to a two-week high on Monday

On Saturday, Trump claimed that he was shot in the ear during an assault at a rally in Pennsylvania. According to his campaign, he was in good health.

Some investors believed that the attack increased his chances of regaining the White House, and it is anticipated that trades wagering on his victory will increase this week.

Bitcoin experienced an 8.6% increase to $62,508, surpassing its two-week record of $62,698 earlier in the session. This increase brings its year-to-date gains to 47%. Ether was also up 6.8% at $3,322.

In November’s U.S. election, Trump vies for the presidency against Democratic President Joe Biden. He has criticized the Democratic Party’s efforts to regulate the crypto sector.

Although Trump has not provided any specifics regarding his proposed crypto policy, he positioned himself as a proponent of cryptocurrency during a fundraiser in San Francisco in June.

“He’s certainly positioned himself as pro-crypto, and as the odds of his reelection were galvanized by the shooting on the weekend, it’s certainly put a big boost underneath the bid in crypto markets and bitcoin, just an absolute standout,” according to Tony Sycamore, a market analyst at IG.

The organizers of the Bitcoin 2024 conference in Nashville, Tennessee, announced last week that Trump is scheduled to deliver a speech on July 27.

After introducing exchange-traded funds in the United States, Bitcoin experienced a robust start to the year, reaching a record high of $73,803.25 in mid-March.

However, it has since experienced significant volatility. In early July, it plummeted to a low that had not been seen in over four months as traders expressed concern regarding the potential offloading of tokens from the defunct Japanese exchange Mt. Gox.

“We had four weeks of declines on the back of the Mt. Gox news … but the rebound, it looks to me like it’s got further to go, and I wouldn’t be surprised seeing it head back up towards, at least towards $65,000 by the end of this week,” IG’s Sycamore stated.