Bitcoin
Bitcoin surges to over a week high after Trump attack
(Bloomberg) — Bitcoin surged to $61,000 after Donald Trump’s defiant response to an assassination attempt sparked speculation that the pro-crypto former president’s chances of winning reelection have improved.
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The largest digital asset rose as much as 2.2% on Monday and exchanged hands at $60,850 as of 7:03 a.m. in Singapore, the highest level in more than a week. Smaller tokens were mixed, with second-placed Ether posting modest gains.
Trump said he was shot in the right ear after a shooting at a Pennsylvania rally on Saturday, an episode that sparked global condemnation of political violence and rocked the US presidential campaign.
Some analysts predict that sympathy and anger over the incident will likely galvanize support for the presumptive Republican presidential nominee, who said he was “fine” after the incident and looking forward to the Republican National Convention that begins Monday in Milwaukee.
A key question in global markets now is whether Trump’s so-called trade deal will gain traction, based on the argument that his return to the White House would bring tax cuts, higher tariffs and looser regulations.
Trump has also increasingly embraced the cryptocurrency industry in a bid to woo voters. Last week, organizers of a Bitcoin conference set to be held in Nashville, Tennessee, on July 27 said he is scheduled to speak at the event.
Bitcoin “gained momentum” after the assassination attempt bolstered Trump’s reelection chances, Tony Sycamore, market analyst at IG Australia Pty, wrote in a note.
Meeting with miners
Trump met with Bitcoin miners in June and in a subsequent post on his Truth Social account said that Bitcoin mining could be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”
The cryptocurrency sector is trying to bolster candidates seen as pro-digital assets, including through large donations to the Fairshake political action committee. The industry has emerged as an influential player in the 2024 election, in part to resist a regulatory crackdown led by the Securities and Exchange Commission.
Trump’s campaign accepts donations in digital assets, and a person familiar with the matter previously said Trump has discussed cryptocurrency policy with billionaire Elon Musk.
The story continues
Bitcoin hit a record high of nearly $74,000 in March, fueled by demand for dedicated U.S. exchange-traded funds. The token then fell amid subdued inflows, apparent sales of seized tokens and fears of divestitures by creditors of bankrupt exchange Mt. Gox.
–With the help of Ishika Mookerjee.
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