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Bitcoin Surges Following Attempted Assassination of Donald Trump
An assassination attempt on former President Donald Trump during a rally in Butler, Pennsylvania, on July 14 has had a surprising impact on the cryptocurrency market, propelling Bitcoin to a two-week high. Trump’s unwavering support for the crypto community has also boosted his election odds, with predictions indicating a 71% chance of his success.
Trump’s Resilience and Crypto Advocacy
Despite the political turmoil, Trump remains resolute in his support for cryptocurrencies. He confirmed his plans to attend the upcoming Bitcoin Conference in Nashville, Tennessee, which has further energized the crypto community. David Bailey, CEO of Bitcoin Magazine and one of the event organizers, acknowledged Trump’s commitment.
Unexpected Impact on Bitcoin
The assassination attempt sent shockwaves globally, but unexpectedly, it positively influenced the cryptocurrency market. According to Reuters, Bitcoin surged to a two-week high on July 15, a day after the incident. The cryptocurrency was trading at $63,650, up by 1.20%, with the Relative Strength Index (RSI) at 57.8, indicating strong bullish sentiment. A closer look revealed that Bitcoin experienced a bullish reversal on the day of the attempt.
Implications for Trump’s Election Prospects
Trump’s strong advocacy for cryptocurrency may have bolstered his chances in the upcoming election. Market analyst Tony Sycamore from IG noted that Trump’s pro-crypto stance has significantly boosted confidence in the crypto markets. Polymarket prediction data showed Trump leading with 71% of the votes compared to President Joe Biden’s 17%.
This series of events underscores the intricate link between political developments and financial markets, particularly the volatile cryptocurrency sector.
