Bitcoin rises to more than one-week high after attack on Trump

(Bloomberg) – Bitcoin prices hit $61,000 after Donald Trump’s defiant response to an assassination attempt sparked speculation that the crypto-friendly ex-president’s chances of re-election had increased.

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The largest digital asset rose as much as 2.2% on Monday to change hands at $60,850 at 7:03 a.m. in Singapore, its highest level in more than a week. Performance was mixed among smaller tokens, with second-place ether posting modest gains.

Trump said he was shot in the right ear after gunfire erupted at a rally in Pennsylvania on Saturday, an incident that sparked global condemnation of political violence and rocked the U.S. presidential campaign.

Some analysts believe the sympathy and anger over the incident will bolster support for the likely Republican presidential nominee, who said he was “fine” after the incident and looked forward to attending the Republican National Convention, which begins Monday in Milwaukee.

A key question in global markets right now is whether the so-called Trump trade will gain momentum, based on the argument that his return to the White House would bring tax cuts, higher tariffs and a loosening of regulations.

Trump has also increasingly turned to the crypto industry in his effort to woo voters. Last week, organizers of a Bitcoin conference scheduled to take place in Nashville, Tennessee, on July 27 said he would speak at the event.

Bitcoin has “gained momentum” after the assassination attempt boosted Trump’s re-election chances, wrote Tony Sycamore, market analyst at IG Australia Pty.

Meeting with miners

Trump met with bitcoin miners in June and said in a subsequent post on his Truth Social account 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 any remaining bitcoins to be “MADE IN THE USA!!!”

The crypto sector has sought to support candidates seen as proponents of digital assets, including through large donations to political action committee Fairshake. The industry has emerged as an influential player in the 2024 election, in part to push back against a regulatory crackdown led by the Securities and Exchange Commission.

Trump’s campaign team is accepting donations in the form of digital assets, and a person familiar with the matter previously said that Trump had spoken to billionaire Elon Musk about his crypto policy.

The story goes on

Bitcoin hit a record high of nearly $74,000 in March, fueled by demand for special U.S. exchange funds. After that, the token’s value fell due to waning inflows, apparent sales of seized tokens and fears of divestments by creditors of the failed Mt. Gox exchange.

– With support from Ishika Mookerjee.

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