Bitcoin reached a two-week high on Monday following the news of an attempted assassination of former US presidential candidate Donald Trump. The incident has heightened expectations among investors of Trump’s potential return to power, bolstering trades betting on his victory in the upcoming election.
During a rally in Pennsylvania, Trump reported being shot in the ear, though his campaign assured he was in stable condition. This development has spurred speculation that Trump, known for his favorable stance towards cryptocurrency, could strengthen his campaign platform around digital assets.
Bitcoin surged 8.6% to $62,508, peaking at $62,698 earlier in the day, marking a year-to-date gain of 47%. Ether also saw an increase of 6.8%, reaching $3,322.
In the upcoming November election, Trump will challenge Democratic President Joe Biden, criticizing Democratic efforts to regulate the crypto sector. While Trump has positioned himself as a proponent of cryptocurrency, details of his proposed crypto policies remain unspecified.
Market analyst Tony Sycamore from IG remarked, “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 obviously, just an absolute standout.”
Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville, Tennessee, later this month, as confirmed by conference organizers last week.
Bitcoin had a strong start to the year with the launch of US exchange-traded funds, hitting a record $73,803.25 in mid-March before facing challenges, including concerns over tokens from the defunct Japanese exchange Mt. Gox. Despite recent fluctuations, analysts like Sycamore foresee potential for Bitcoin to rebound further, possibly approaching $65,000 by week’s end.
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