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Shortly after the failed attempt to assassinate Donald Trump on Saturday, July 13, the cryptocurrency market as a whole, and Bitcoin in particular, experienced a significant increase. The price of Bitcoin reached a high of $60,000 in the short time that followed. Altcoins, too, have made a great surge, with some of the most prominent altcoins experiencing a rally of anywhere between 4 and 5 percent.
Donald Trump, a former president of the United States who has portrayed himself as being in favor of cryptocurrency, was shot in the right ear as he was attending a political rally in Pennsylvania. There was a near escape for Donald Trump, and his campaign team stated that he was "fine" and would attend the Republican National Convention beginning on Monday.
According to the data provided by PredictIt, yesterday's attack enhanced Donald Trump's chances of becoming the next President of the United States. With today's action, the cryptocurrency market is already excited about this new development.
It was previously confirmed that Donald Trump would attend the Bitcoin 2024 Conference, which was scheduled to take place later this month in July. Nevertheless, Satoshi Street would eagerly expect additional data on this matter following the current onslaught.
In addition to Bitcoin and other alternative cryptocurrencies, the TRUMP Memecoin has increased significantly by sixty percent, reaching a price of ten dollars earlier today. Its market capitalization has surpassed four hundred and fifteen million dollars. Additionally, following the current incident, daily trading volumes have increased by an astounding one thousand percent.
As the elections draw near, the cryptocurrency community has generally responded favorably to news favorable to Trump. This is primarily owing to Trump's recent comments supportive of bitcoin. In addition, Trump's survival of an attempted suicide is considered positive news, which has resulted in strong reactions in the market.
Bitcoin or Assets in a Safe Haven?
According to an article from Bloomberg, traders initially focus on assets that provide a haven. Then, they will assess all traders affiliated with Donald Trump's candidacy. Nick Twidale, chief market analyst at ATFX Global Markets, made the following statement in an interview with Bloomberg:
“Undoubtedly there’ll be some protectionist or haven flows in the Asia early morning. I’d suspect gold could test all time highs, we will see the yen getting bought and the dollar, and flows into Treasuries too.”
On the other hand, early market commentary suggests that following this failed attack on Trump, the focus will shift to equities and other risk-on assets such as Bitcoin and cryptocurrency, which are most vulnerable to the policies that he has implemented.
Traders will also pay particular attention to market indicators of predicted volatility on Monday. These indicators will include those related to the tariff-sensitive Chinese yuan, which has begun to factor in the upcoming vote in the United States.
Despite the fact that Bitcoin's price has skyrocketed to $60,000, the bulls still need to provide a strong breakout above the 200-day moving average to pave the way for the subsequent bull run.
