Bitcoin Soars Following Trump Assassination Attempt
MELBOURNE – Bitcoin surged to US$61,000 after Donald Trump’s defiant response to an assassination attempt, sparking speculation that the pro-crypto former US president’s re-election chances have increased.
On July 15, the largest digital asset climbed by 2.2% to reach US$60,850 as of 7:03 am in Singapore, marking the highest level in over a week. Other cryptocurrencies showed mixed performance, with second-ranked Ether posting modest gains.
Trump Assassination Attempt Sparks Market Reaction
Trump reported being shot in the right ear during a rally in Pennsylvania on July 13, an incident that drew global condemnation of political violence and disrupted the US presidential campaign. Analysts predict that sympathy and outrage from the incident will bolster support for Trump, who assured the public he was “fine” and attended the Republican National Convention in Milwaukee on July 15.
Market Analysts Weigh In
IG Australia market analyst Tony Sycamore noted that Bitcoin “gained momentum” after the attempted assassination, strengthening Trump’s re-election prospects. The incident has intensified speculation about the so-called Trump trade, which suggests that his return to the White House could lead to tax cuts, higher tariffs, and looser regulations.
Trump’s Crypto Embrace
Trump has increasingly supported the crypto industry to appeal to voters. Recently, organizers of a Bitcoin conference scheduled in Nashville, Tennessee on July 27 confirmed that Trump would address the event. In June, Trump met with Bitcoin miners and later posted on his Truth Social account, emphasizing that Bitcoin mining might be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added his desire for all remaining Bitcoin to be “MADE IN THE USA!!!”
Crypto Industry’s Political Influence
The crypto sector aims to support candidates favorable to digital assets, contributing significant donations to the Fairshake political action committee. The industry has become a significant player in the 2024 election, partly to counter a regulatory clampdown led by the Securities and Exchange Commission. Trump’s campaign accepts donations in digital assets, and he reportedly discussed crypto policy with billionaire Elon Musk.
Bitcoin’s Market Performance
Bitcoin reached a record high of almost US$74,000 in March, driven by demand for dedicated US exchange-traded funds. However, the token’s value slipped due to moderating inflows, apparent sales of seized tokens, and fears of disposals by creditors of the failed Mt. Gox exchange.