The price of Bitcoin (BTC) hit the $63,000 mark on Monday morning. This surge comes after an assassination attempt on the former US President Donald Trump over the weekend at a rally. The growth of cryptocurrency is associated with positive expectations, given that Trump, an advocate of blockchain technology, was not injured.
Bitcoin Price Climbs After Trump’s Rally Incident
The cryptocurrency market was quick to respond to the weekend’s events. The price of BTC rose by 3.98% in the last 24 hours, while Ethereum and Solana rose by 4.33% and 4.69%, respectively. Ryan Lee from Bitget Research said that the market sees Trump’s survival as a good sign for his re-election chances. This sentiment further boosted the prices of all cryptocurrencies in the market.
This is mainly due to Trump’s positive approach to cryptocurrencies. His campaign accepting cryptocurrency donations and his support for Bitcoin mining further highlight his position. In addition, the stock of Trump Media and Technology Group Corp. jumped 64.4% in pre-market trading on Monday, underlining the financial market’s response to Trump’s resistance.
Positive Outlook Despite Bitcoin’s Recent Dip
Recently, the German government sold off 50,000 bitcoins, which put further pressure on the market. This sell-off and a payout from Mt Gox took Bitcoin below $54,000 earlier. Nevertheless, Bitwise CIO Matt Hougan stays positive: the positive political changes in the US, the possibility of the Federal Reserve cutting rates, and the development of stablecoins may help the BTC reach $100,000 by the end of the year.
The decentralized prediction market platform Polymarket has seen a change in public betting after the assassination attempt. About 71% of users believe that Trump will win the upcoming presidential election, which is 10% more than before the incident. On the same platform, the probability of President Joe Biden winning is 18%.
Nevertheless, Trump remained supportive of the cryptocurrency industry after the attack. Trump is set to address the Bitcoin 2024 conference in Nashville and re-pledge his commitment to the sector’s development.
Also Read: Bitcoin Near $63.8K Resistance: Can Reach $67k Next Week
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