Bitcoin Rallies After Trump Attack: Is It a Bullish Sign?
Following an attempted assassination of former president Donald Trump, markets are reacting to the potential impact on the upcoming U.S. elections. Notably, Bitcoin (BTC) has seen a surge, rising 7% to $62,500, exceeding the crucial 200-day simple moving average (SMA) – a positive signal for momentum traders.
Trump's pro-crypto stance and the increased odds of his election victory have fueled this rally. Bitcoin and the broader crypto market are viewed as bets on Trump's win, as he has pledged to create a more favorable regulatory environment for the industry. He's even committed to speaking at the Bitcoin 2024 conference in Nashville.
Other markets are also reacting to the news. The Chinese yuan (CNY) is trading lower as a Trump presidency could lead to higher trade tariffs. The Mexican peso (MXN) has also weakened due to Trump's past tensions with Mexico. Treasury futures point to higher yields, implying increased government spending and budget deficits under a Trump administration.
Despite the volatility, the S&P 500 futures are trading higher, signaling a positive open on Monday. However, Asian markets dipped due to disappointing economic growth figures in China.
It remains to be seen if this rally in Bitcoin is a sustainable trend or a short-term reaction to the events of the weekend. However, the events have definitely injected a new level of volatility into the markets.
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