Trump Shooting May Have Been a Catalyst for the Bitcoin Price Surge
Bitcoin saw a significant surge, its largest in nearly two months, following an event where Donald Trump responded defiantly to an assassination attempt.
This sparked speculation about his potential improved chances for reelection. The cryptocurrency’s value spiked by up to 5% on Monday, surpassing $63,000 in its most substantial daily gain since May 20.
Trump was shot in the right ear during a rally in Pennsylvania on Saturday, an incident that elicited global condemnation of political violence and disrupted the US presidential campaign.
The incident immediately boosted betting markets’ odds of Trump reclaiming the presidency, given his pro-crypto stance aimed at appealing to undecided voters. This rise in Bitcoin’s value mirrored a brief surge after President Joe Biden’s lackluster debate performance against Trump in late June.
READ MORE: Dogecoin Co-Creator Warns of Crypto Market Volatility on the Horizon
Analysts and market watchers are now considering the potential impact of a “Trump trade,” anticipating policies such as tax cuts, increased tariffs, and relaxed regulations if he returns to the White House.
Organizers of an upcoming Bitcoin conference in Nashville confirmed his scheduled appearance on July 27, underlining the ongoing market sentiments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
