Markets
Bitcoin surges to nearly $63,000 after crypto-supporter Trump survives assassination attempt
Bitcoin hit a two-week high on Monday after the attempted murder of presidential candidate Donald Trump boosted the chances of the former president, who presented himself as a Cryptocurrency Championwinning the next election.
Trump said he was shot in the ear during the attack at a Pennsylvania rally on Saturday. His campaign said he was doing well. Some investors said the attack boosted his chances of winning back the White House, and trades betting on his victory are expected to pick up this week.
Bitcoin rose 8.6% to $62,508, hitting a two-week high of $62,698 earlier in the session, bringing its year-to-date gains to 47%.
Bitcoin rose 8.6% to $62,508, hitting a two-week high of $62,698 earlier in the session, bringing its year-to-date gains to 47%. REUTERS
Ether also rose 6.8% to $3,322.
Trump is running against Democratic President Biden in the November election and has criticized Democrats’ attempts to regulate the cryptocurrency industry. Trump portrayed himself as a champion of cryptocurrency during a San Francisco June Fundraiseralthough he did not offer details about his proposed cryptocurrency policy.
“He’s certainly positioned himself as pro-crypto and as his re-election chances were galvanised by the shooting over the weekend, that’s certainly given a big boost to the bid in the crypto markets and bitcoin is obviously an absolute standout,” said Tony Sycamore, market analyst at IG.
Trump is set to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, conference organizers said last week.
Bitcoin had a strong start to the year following the launch of exchange-traded funds in the U.S., propelling it to a record high of $73,803.25 in mid-March, but has since struggled. It fell to a more than four-month low in early July as traders worried about a likely token dump from now-defunct Japanese exchange Mt. Gox.
“We’ve had four weeks of declines on the back of the Mt. Gox news… but the recovery seems to me to have a long way to go and I wouldn’t be surprised to see it climb back to at least $65,000 by the end of this week,” said IG’s Sycamore.