Bitcoin surged above $61,000 after speculation that Donald Trump’s aggressive response to the assassination attempt has boosted his chances of winning re-election.
The biggest digital asset was trading at $61,420 as of 9:55 a.m. in Singapore on Monday, up 2.8% from its close price last week. Smaller tokens showed mixed results, with ether coming in second place, seeing some modest growth.
Trump claimed he was shot in the right ear after a shooting at a rally in Pennsylvania on Saturday rocked the US presidential election campaign and sparked worldwide condemnation of political violence.
Experts believe that pity and indignation about the episode will boost the presumed Republican presidential candidate’s popularity. After the event, he stated he was “fine” and that he was excited to go to the Republican National Convention, which starts in Milwaukee on Monday.
The big concern in global markets right now is whether Trump can get trade moving again. This is based on the assumption that his return to the White House could lead to tax cuts, higher tariffs, and looser regulations.
Trump has also been embracing the cryptocurrency business to attract voters. Last Monday, the organizers of a Bitcoin conference slated for July 27 in Nashville, Tennessee, announced that he would speak at the event.
According to Tony Sycamore, market analyst at IG Australia Pty Ltd, bitcoin “gathered momentum” following the assassination attempt, boosting Trump’s chances of winning re-election.
Trump meets with miners
In June, Trump met with Bitcoin miners and stated in a subsequent post on his Truth Social account that Bitcoin mining could be “our last line of defense against a CBDC,” alluding to a central bank digital currency. He encourage expressed that he needs the remaining bitcoin to be “MADE IN THE USA!!!
The crypto sector is attempting to strengthen candidates perceived to be pro-digital assets, including large donations to the Fairshake political action committee. The sector has emerged as an influential player in the 2024 election, in part to oppose a regulatory crackdown pushed by the Securities and Exchange Commission.
Trump has spoken to entrepreneur Elon Musk about crypto policy, according to a source with prior knowledge of the matter. Trump’s team also welcomes donations of digital assets.
Bitcoin hit a new high of nearly $74,000 in March, boosted by demand for a specialized US exchange-traded fund. Subsequently, the coin fell again due to dwindling inflows, the alleged sale of seized tokens, and settlement concerns by creditors of the bankrupt Mt. Gox exchange.
