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In the wake of an assassination attempt on former President Donald Trump, Bitcoin‘s (CRYPTO: BTC) value has soared beyond the $60,000 mark. The incident has sparked fresh speculations about Trump’s chances of re-election, which seem to be on the rise.
What Happened: The former president, who is known for his pro-crypto stance, was shot at during a political rally in Pennsylvania on Saturday.
Despite the incident, his campaign has confirmed that he is “fine” and is eagerly anticipating his presence at the Republican National Convention in Milwaukee, which begins on Monday.
Trump’s odds for making a presidential comeback have reportedly surged following the shooting. The markets are likely to respond with increased volatility, potentially reflecting the trading patterns observed when last month’s debate favored Trump, leading to a rise in the U.S. dollar and Treasury yields, reports Bloomberg.
Bitcoin saw a 2.7% increase, hitting $60,160.71 as of 1:05 a.m. in New York. The widely-used crypto token has recently exhibited stability, fueled by optimism that ETFs from industry heavyweights like BlackRock Inc. and Fidelity Investments can generate the robust demand required to temper price fluctuations.
At the time of writing, Bitcoin was trading at $60,104.80, up by 6% in the last seven days.
Why It Matters: The incident at Trump’s rally has not only impacted political speculations but also influenced the financial markets, particularly the cryptocurrency sector.
Trump’s pro-crypto stance has been a significant factor in driving the value of Bitcoin. The potential of his re-election has stirred the market, leading to Bitcoin’s surge.
Furthermore, the expected market volatility could lead to more fluctuations in Bitcoin’s price, making it a critical point of focus for investors and market watchers.
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Shutterstock
Posted In: $BTC
