Stock Market News

Bitcoin soars to two-week high after Trump attack

2024.07.15 00:25

SINGAPORE (Reuters) – surged to a two-week high on Monday after the attempted assassination of U.S. presidential candidate Donald Trump raised the odds of the former president, who has presented himself as a champion of cryptocurrency, winning the upcoming election.

Trump said he was shot in the ear during the attack at a rally in Pennsylvania on Saturday. His campaign said he was doing well. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.

Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%.

Ether was also up 6.8%% at $3,322.

Trump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector. Trump presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy.

“He’s certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it’s certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout,” said Tony Sycamore, a market analyst at IG.

Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.

© Reuters. FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.

“We had four weeks of declines on the back of the Mt. Gox news … but the rebound, it looks to me like it’s got further to go and I wouldn’t be surprised seeing it head back up towards, at least towards $65,000 by the end of this week,” said IG’s Sycamore.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,899.48 0.07%
ethereum
Ethereum (ETH) $ 1,909.28 0.83%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.35 2.41%
bnb
BNB (BNB) $ 602.42 0.94%
solana
Solana (SOL) $ 133.44 0.03%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.727584 1.70%
dogecoin
Dogecoin (DOGE) $ 0.172059 1.16%
tron
TRON (TRX) $ 0.217722 1.45%
staked-ether
Lido Staked Ether (STETH) $ 1,907.10 0.83%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,791.45 0.08%
pi-network
Pi Network (PI) $ 1.49 3.09%
leo-token
LEO Token (LEO) $ 9.74 1.79%
chainlink
Chainlink (LINK) $ 13.98 0.40%
the-open-network
Toncoin (TON) $ 3.41 16.48%
stellar
Stellar (XLM) $ 0.27019 1.27%
usds
USDS (USDS) $ 1.00 0.00%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,285.43 0.96%
hedera-hashgraph
Hedera (HBAR) $ 0.189155 2.09%
avalanche-2
Avalanche (AVAX) $ 19.07 2.92%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.25%
sui
Sui (SUI) $ 2.31 1.65%
litecoin
Litecoin (LTC) $ 91.33 2.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 333.92 4.23%
mantra-dao
MANTRA (OM) $ 6.62 1.34%
polkadot
Polkadot (DOT) $ 4.27 0.82%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
bitget-token
Bitget Token (BGB) $ 4.48 1.88%
weth
WETH (WETH) $ 1,910.80 0.70%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999411 0.10%
hyperliquid
Hyperliquid (HYPE) $ 13.56 5.68%
whitebit
WhiteBIT Coin (WBT) $ 28.81 1.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,031.89 0.43%
monero
Monero (XMR) $ 213.18 0.69%
uniswap
Uniswap (UNI) $ 6.19 1.07%
susds
sUSDS (SUSDS) $ 1.04 0.00%
dai
Dai (DAI) $ 0.999785 0.01%
aptos
Aptos (APT) $ 5.26 1.65%
near
NEAR Protocol (NEAR) $ 2.62 0.73%
pepe
Pepe (PEPE) $ 0.000007 1.11%
okb
OKB (OKB) $ 46.36 1.05%
internet-computer
Internet Computer (ICP) $ 5.74 0.51%
ondo-finance
Ondo (ONDO) $ 0.856273 1.22%
ethereum-classic
Ethereum Classic (ETC) $ 17.71 1.28%
mantle
Mantle (MNT) $ 0.791912 7.67%
gatechain-token
Gate (GT) $ 21.57 0.99%
aave
Aave (AAVE) $ 171.06 1.68%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,891.48 0.08%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.93 6.70%