Bitcoin climbed to a two-week high on Monday, influenced by heightened investor sentiment following an assassination attempt on U.S. presidential candidate Donald Trump.
The former president, who has been vocal about his support for cryptocurrency, saw his chances of reclaiming the White House seemingly improve after the incident.
The attack occurred during a rally in Pennsylvania on Saturday, where Trump was reportedly shot in the ear. His campaign has assured the public that he is recovering well. Market analysts believe the incident has bolstered his electoral prospects, which in turn has sparked increased trading activity in cryptocurrency markets.
Bitcoin experienced a significant surge, rising 8.6% to $62,508, and briefly touching $62,698 earlier in the session, marking its highest level in two weeks. This rise has contributed to its impressive 47% gain year-to-date. Ethereum, another major cryptocurrency, also saw an uptick, climbing 6.8% to $3,322.
Trump, who is running against incumbent Democratic President Joe Biden in the upcoming November election, has consistently criticized Democratic efforts to impose regulations on the crypto sector. During a June fundraiser in San Francisco, he positioned himself as a proponent of cryptocurrency, although he has yet to detail his policy plans.
Tony Sycamore, a market analyst at IG, noted, “Trump’s stance as a pro-crypto candidate, combined with the increased odds of his reelection following the weekend’s events, has provided a significant boost to the cryptocurrency market, with Bitcoin leading the charge.”
In a related development, Trump is scheduled to address the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, as announced by the event organizers.
Bitcoin’s performance earlier this year was buoyed by the launch of exchange-traded funds in the U.S., pushing it to an all-time high of $73,803.25 in mid-March.
However, it faced challenges and fell to a four-month low in early July due to concerns over potential token sell-offs from the now-defunct Japanese exchange Mt. Gox.
Sycamore commented on Bitcoin’s recent trajectory, stating, “The rebound after weeks of decline due to the Mt. Gox news suggests a strong upward momentum. I wouldn’t be surprised if Bitcoin reaches at least $65,000 by the end of this week.”
The cryptocurrency market continues to react dynamically to political developments and regulatory news, with Bitcoin and Ethereum at the forefront of investor interest.
