Bitcoin surged past the $61,000 mark after former President Donald Trump’s defiant response to an assassination attempt spurred speculation about his strengthened reelection prospects. The largest cryptocurrency rose as much as 2.2% on Monday, reaching $60,850 by 7:03 a.m. in Singapore, its highest level in over a week. Other digital assets showed mixed performances, with Ether, the second-largest token, posting modest gains.
The incident occurred during a rally in Pennsylvania on Saturday, where Trump announced he was shot in the right ear amid gunfire. The attack, which drew global condemnation of political violence, has significantly impacted the U.S. presidential campaign.
Analysts suggest that the sympathy and outrage following the attack could bolster support for Trump, the presumptive Republican nominee. Trump reassured the public he was “fine” and expressed his eagerness to attend the Republican National Convention, starting Monday in Milwaukee.
The incident has raised questions in global markets about the potential resurgence of the “Trump trade,” predicated on the belief that his return to the presidency would bring tax cuts, higher tariffs, and deregulation.
Trump has increasingly shown support for the cryptocurrency industry as part of his voter outreach. He is slated to address a Bitcoin conference in Nashville, Tennessee, on July 27, according to the event organizers.
Tony Sycamore, a market analyst at IG Australia Pty, noted that Bitcoin gained momentum after the assassination attempt appeared to boost Trump’s reelection chances.
Engagement with Crypto Miners
In June, Trump met with Bitcoin miners and later posted on his Truth Social account, emphasizing Bitcoin mining as a critical defense against central bank digital currencies (CBDCs). He advocated for all remaining Bitcoin to be “MADE IN THE USA!!!”
The cryptocurrency sector is actively supporting candidates favorable to digital assets, including significant donations to the Fairshake political action committee. The industry’s influence in the 2024 election aims to counter regulatory pressures from the Securities and Exchange Commission.
Trump’s campaign accepts donations in digital assets, and sources indicated he has discussed cryptocurrency policy with billionaire Elon Musk.
Bitcoin reached a record high of nearly $74,000 in March, driven by demand for U.S.-based exchange-traded funds. However, the token later declined amid moderating inflows, sales of seized tokens, and concerns about potential disposals by creditors of the defunct Mt. Gox exchange.
