The attempted assassination of former US President Donald Trump at a presidential election rally in Pennsylvania has sparked renewed interest in Bitcoin, pushing prices to a two-week high
Bitcoin has surged to a two-week high following the attempted assassination of former US President Donald Trump, who is also running for his second term in the US presidential elections due later this year. The attack has increased speculation that the former President, who has been vocal about his support for cryptocurrency, could win the upcoming election.
Trump, who has aligned himself with cryptocurrency advocacy, stated that he was shot in the right ear after gunfire erupted at his political rally in Pennsylvania on July 13, 2024. His campaign reported that he was “fine” following the incident, and was looking forward to attending the Republican National Convention, which begins in Milwaukee on July 15.
Following the assassination attempt, Bitcoin rose by 8.6 per cent, reaching $62,508 and briefly touching a high of $62,735 earlier in the session. This brings its year-to-date gains to 47 per cent. Ethereum also rose by 6.8 per cent to $3,332.
Trump is competing against incumbent President Joe Biden, the Democratic candidate in the November 2024 US Presidential Election. Trump has been a vocal critic of the Democrats, including President Biden, and their efforts to regulate cryptocurrency.
Earlier in June this year, he positioned himself as a champion for cryptocurrency at a fundraiser in San Francisco, although he hasn’t offered specifics on his proposed crypto policy.
According to IG market analyst Tony Sycamore, Trump has positioned himself as pro-crypto. That aside, the odds of his re-election were galvanised by the shooting on the weekend, which has undoubtedly given the bid in cryptocurrency markets a significant lift, with Bitcoin standing out as usual.
Bitcoin had a great start to the year with the debut of exchange-traded funds (ETFs) in the US, reaching a record high of $73,803.25 in mid-March, but has since suffered. It sank to a more than four-month low in early July as traders worried about the potential dumping of tokens from the collapsed Japanese exchange Mt. Gox.