Bitcoin hits $60K after Trump incident

Bitcoin surged past $60,000 following Donald Trump’s defiant response to an assassination attempt, which sparked speculation about his increased chances of winning the presidential election.

The former president, who supports cryptocurrency, reported being shot in the right ear during a political rally in Pennsylvania on Saturday. His campaign assured that he was “fine” and eager to attend the Republican National Convention starting Monday in Milwaukee.

PredictIt data indicated that Trump’s prospects for a return to the presidency have improved since the incident. Dramatic images of a resolute Trump, with his fist raised and a bloody ear, have dominated social media and news outlets since the attack. President Joe Biden expressed relief that Trump is safe and condemned the violence.

Market reactions are expected to be volatile, potentially mirroring trends observed during last month’s favourable debate for Trump, where the US dollar strengthened and Treasury yields rose.

As of 1:05 am in New York, Bitcoin had climbed as much as 2.7 per cent to reach $60,160.71, bolstered by optimism over upcoming ETFs from major firms like BlackRock and Fidelity, which could provide stability to crypto prices.

Attribution: Bloomberg.