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Bitcoin prices soared to a two-week high today, following yesterday’s shocking assassination attempt on former U.S. President and current presidential candidate Donald Trump.
The incident, which occurred during a campaign rally in Pennsylvania, has reportedly greatly boosted Trump’s chances in the upcoming election and led to increased interest in cryptocurrencies. Trump, who sustained a minor ear injury in the attack, is said to be recovering well according to his campaign.
The former president has positioned himself as a strong advocate for cryptocurrency, and some investors believe the attempt on his life may have strengthened his support base.
Attack on Trump’s effect on Bitcoin
As of this morning, Bitcoin (BTC) had risen 8.6% to $62,508, touching a two-week high of $62,698 earlier in the day. This surge brings Bitcoin’s year-to-date gains to an impressive 47%. Ethereum (ETH), another major cryptocurrency, also saw significant growth, up 6.8% at $3,322.
The cryptocurrency market’s response appears to be linked to Trump’s stance on digital assets. He has been critical of Democratic attempts to regulate the cryptosector and has presented himself as a champion for cryptocurrency. During a San Francisco fundraiser last month, Trump expressed support for crypto, though he has yet to provide specific policy proposals. Market analyst Tony Sycamore of IG told Reuters:
He’s certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it’s certainly put a big boost underneath the bid in crypto markets and Bitcoin obviously, just an absolute standout.
The former president is scheduled to speak at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 27, which may further impact market sentiment. Bitcoin had already seen a strong start to the year following the launch of exchange-traded funds (ETFs) in the U.S., reaching a record high of $73,803.25 in mid-March.
However, it has faced challenges recently, including concerns over the potential dumping of coins from the defunct Japanese exchange Mt. Gox. Sycamore added:
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.
