Unlock the US Election Countdown newsletter for free and get the latest stories on money and politics in the race for the White House. Bitcoin saw a surge on Monday after an assassination attempt on Donald Trump, leading traders to increase their bets on the former president winning November’s US presidential election.
The price of bitcoin rose by 9.1% to $62,830, its highest level in two weeks, following the incident where Trump was injured in the ear during a campaign rally. Trump is viewed as the more crypto-friendly candidate, having shown support for US-based bitcoin mining and accepting cryptocurrency payments for his campaign, a first for a major US political party.
Market analysts suggest that the probability of a Donald Trump victory has significantly increased, with implications that a Trump presidency would have a positive impact on the crypto market. The implied odds of Trump winning in November also saw a boost after the shooting incident.
Shares in Trump’s Truth Social media company surged by 60% in pre-market trade, reflecting the market’s confidence in a potential Trump victory. The shortening odds on a second Trump presidency also influenced broader financial markets, with US Treasury yields rising and the dollar remaining steady against major currencies.
Despite the increase in bitcoin price following the assassination attempt, the cryptocurrency has faced challenges since April’s halving event. Analysts had expected a post-halving rally, but bitcoin has struggled to make significant progress since then.
Overall, the market sentiment towards a Trump victory in the upcoming election has led to positive movements in various financial markets, with investors closely monitoring the political landscape for potential impacts on their investments.