Bitcoin Breaks Above $63,000 After Trump Survives Assassination Attempt
Bitcoin's price surged by 4.41% on Monday, reaching $63,008, following the attempted assassination of former U.S. President Donald Trump. Experts believe that Trump's survival significantly increases his chances of winning the future election, a development that could be bullish for bitcoin due to Trump's pro-crypto stance.
Trump's Pro-Crypto Stance:
The former president has openly advocated for the blockchain and cryptocurrency industry. He has accepted cryptocurrency donations for his campaign and pledged to support bitcoin mining if elected. Trump's Trump Media and Technology Group Corp. stocks surged 64.4% in pre-market trading following the assassination attempt.
Market Sentiment:
The cryptocurrency market reacted positively to the news, with ether rising 4.99% to $3,366, and Solana increasing 5.75% to $153.72. The entire crypto market saw a 4.17% increase in the past 24 hours.
Polymarket Prediction:
The decentralized prediction market platform, Polymarket, shows 71% of users betting on Trump's victory in the upcoming presidential election, up from 60% before the assassination attempt. This indicates a growing confidence in Trump's chances.
Other Factors Affecting Bitcoin:
While the news of Trump's assassination attempt boosted Bitcoin's price, other factors were also at play. Germany's sale of confiscated bitcoins and Mt Gox's repayment of $9 billion worth of bitcoin to creditors led to selling pressure earlier this month, pushing Bitcoin down to $54,000. However, positive changes in the political attitude toward crypto in the U.S., upcoming interest rate cuts by the Federal Reserve, and the strong growth in the stablecoin market are expected to contribute to a bullish outlook for Bitcoin in the long term.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Š 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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