Former US President Donald J. Trump’s attempted assassination on July 14, 2024, pushed Bitcoin to hit a two-week high on Monday. After Trump’s shooting in Pennsylvania, Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%.
The 8.6% spike in Bitcoin prices echos Trump’s optimism surrounding cryptocurrency. Investors expect trades betting on Trump’s victory to soar later this week in light of Trump’s stable condition.
Trump expressed his views on and goals for the future of cryptocurrency in the United States during the first television presidential debate in late June. Though vague about the specifics or framework of a crypto-forward American economy, Trump urged Republicans on his Truth social media platform to “vote for Trump!” because he will stand up to “Biden’s hatred of Bitcoin.” The Trump shooting has spurred a damp Bitcoin chart that fell to an over-four-month low in early July as traders suffered Japanese exchange Mt. Gox’s repayment dumping in the market. IG Sycamore forecasts Bitcoin to reach $65,000 levels later this week, after a dull four months.
Tony Sycamore, a market analyst at IG, believes that by positioning himself [Trump] as pro-crypto and the skyrocketing odds of a Trump re-election after the Pennsylvania shooting, Bitcoin received the “big boost” it lacked months prior to this weekend’s crime. According to the organizers of the Bitcoin 2024 conference in Nashville, Tennessee, Trump is expected to speak at the conference on July 27, 2024.
In the hours following Trump’s shooting, Chinese meme stock from software maker Wisesoft Co. trailed the charts with a 10% gain on Monday.
