Markets
Why Bitcoin and other cryptocurrencies are surging after Trump assassination attempt
O attempted murder about former President Donald Trump at a campaign rally in Butler, Pennsylvania, on Saturday has apparently boosted Bitcoin and other cryptocurrencies.
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Bitcoin is up over 10% in a week and over 5% in a day, reaching around $63,000 on Monday morning. A few days ago, the leading cryptocurrency was hovering around $55,000, Defunct cryptocurrency exchange Mt. Gox has started paying its creditors billions of dollars in Bitcoinleading to a mass liquidation by creditors.
The assassination attempt on the former president is seen as increasing the Republican candidate’s chances of winning the presidential election. The crypto community is excited because they believe it will be beneficial if Trump, who has presented himself as crypto-friendly recentlyI selected.
Other cryptocurrencies have followed in Bitcoin’s footsteps, with Ether, the second-largest cryptocurrency by market cap, rising more than 10% in the past week, with a jump of more than 5% in one day. trading at $3,300. Other major cryptocurrencies like Solana and Dogecoin saw a value increase of 5.4% and 4.8% respectively, in just one day.
Several cryptocurrencies dedicated to Trump or the Republican Party have also experienced surges. One of them, TrumpCoin (DJT), has increased in price in recent days. Cryptocurrency is not affiliated with Donald Trump, despite false claims from disgraced people “Pharma Bro” Martin Shkreli that he and Barron TrumpDonald Trump’s 18-year-old son, are behind the cryptocurrency. TrumpCoin has soared nearly 25% in the last seven days and is currently trading at $0.008964.
Spot Bitcoin ETFs are seeing inflows
In addition to the Trump-related boost, Bitcoin is seeing a surge because investors are pouring money into it Spot Bitcoin ETFs in the last few days. According to Far sideSpot Bitcoin ETFs have seen consecutive inflows since July 5, with over $310 million in inflows on July 12 alone.
BlackRock’s IBIT saw $120 million in inflows, the most among all spot Bitcoin ETFs, followed by Fidelity’s FBTC, which saw an inflow of $115 million. Grayscale’s GBTC, which has a history of outflows, also attracted investors with US$23 million.