Bitcoin surged to a two-week high on Monday. Assassination attempt Presidential candidate Donald Trump’s comments have increased the chances that the former president, a self-described advocate of cryptocurrencies, will win the next election.
Trump said he was attacked and shot in the ear at a rally in Pennsylvania on Saturday. His campaign says his campaign is doing well. Some investors have said the attack has improved Trump’s chances of retaking the White House, and bets on him winning are expected to increase this week.
Bitcoin rose 8.6% to $62,508, hitting a two-week high of $62,698 early in trading, bringing its year-to-date gains to 47%.
Ether also rose 6.8% to $3,322.
Trump, who is facing Democratic President Joe Biden in the November presidential election, has slammed Democrats’ attempts to regulate the cryptocurrency industry. Trump cast himself as a crypto advocate at a fundraiser in San Francisco in June, but has not revealed details of his proposed cryptocurrency policies.
“Trump has certainly positioned himself as a supporter of crypto and the weekend shootings that have boosted his chances of reelection have undoubtedly created a huge boost in demand for the crypto markets and of course Bitcoin. He’s a real standout,” said Tony Sycamore, market analyst at IG.
Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, conference organizers announced last week.
Bitcoin got off to a strong start this year with the launch of U.S. exchange-traded funds, hitting an all-time high of $73,803.25 in mid-March, but has since slumped, dropping to a four-month low in early July as traders worried that tokens from defunct Japanese exchange Mt. Gox might be sold.
“After a four-week sell-off on the Mt Gox news, the rebound looks set to continue and I wouldn’t be surprised to see a rally towards at least $65,000 by the end of this week,” IG’s Sycamore said.
