Bitcoin prices continued to rise on Sunday following dramatic developments in the assassination attempt on former President Donald Trump the previous day.
Bitcoin It rose 5.5% over the weekend, surpassing a two-week high of $62,450, CoinGecko said. data show.
Trump-inspired meme coin sees assets surge on Saturday following the shooting taller than.
During the campaign rally, Trump shot The 20-year-old gunman was shot in the right ear and died at the scene. One attendee was also killed and two others seriously injured.
Photos circulating online showed a defiant Trump with his fist raised in the air and blood streaming from the side of his face in the moments after the assassination attempt.
Rich Rosenblum, co-founder of trading firm GSR, said the shooting and the photos that followed created a “Trump attempt” to put the entire market at risk. Decryption.
“Political instability is Bitcoin “Attempts to assassinate a U.S. presidential candidate or any other leading U.S. candidate are an affront to democracy around the world and a reminder of how fragile the status quo is today,” Rosenblum said.
Trump has recently emerged as a strong supporter of the cryptocurrency industry, in contrast to his opponent, current President Joe Biden.
Some crypto investors and bettors believe this could boost Trump’s election prospects, as crypto supporters hope for more favorable regulatory conditions if he wins the election than Biden would for a second term.
Social media was flooded with support for Trump after Saturday’s shooting, with many people reaffirming or stating for the first time that they will support the firebrand politician in November’s presidential election.
Billionaire hedge fund manager and one-time crypto critic-turned-supporter Bill Ackman posted that he “formally endorses” Trump. X Saturday, shortly after the incident in Pennsylvania.
On Saturday, traders at the blockchain gambling site Polymarket They increased bets that Trump would retake the White House, raising the odds to a record high of 70% from 60% the previous day.
Rosenblum explained the reason for the asset price surge over the weekend by saying that Bitcoin and cryptocurrencies are “highly sensitive” to President Trump’s recapture of the White House and the assassination attempt.
“Trump is particularly pro-crypto compared to a Biden administration, so a Trump victory should benefit the industry from a regulatory and investment standpoint,” he said.
