- After Donald Trump’s assassination attempt, Bitcoin reached a two-week high.
- Trump’s pro-crypto stance has boosted his election odds prediction to 71% in the polls.
The recent assassination attempt on former President Donald Trump on the 14th of July during a political rally in Butler, Pennsylvania, has further deepened the political divide in the nation.
Trump’s resilience towards the crypto community
Amidst the heightened tensions, Trump remained adamant, affirming his plans to attend the upcoming Bitcoin Conference in Nashville, Tennessee. This has had a huge impact on the crypto community.
Confirming Trump’s status, David Bailey, one of the event’s organizers and the CEO of Bitcoin Magazine, took to X and noted,
“I have just spoken with the President’s team. He is in good spirits and is excited to see you all in Nashville and deliver a speech that is heard around the world.”
The organizers further confirmed this news and stated,
Source: The Bitcoin Conference/X
Unexpected impact on Bitcoin
Despite the shockwaves sent across the globe by the assassination attempt, the event had an unexpectedly positive impact on the cryptocurrency market.
As per Reuters, Bitcoin [BTC] surged to a two-week high on the 15th of July, just a day after the attempted assassination of former President Donald Trump.
As of the latest update, BTC was trading at $63,650, up by 1.20%. This rise was confirmed by the Relative Strength Index (RSI), which stood at 57.8 signaling strong bullish sentiment.
A closer analysis revealed that Bitcoin experienced a bullish reversal on the 14th of July, the very day of the assassination attempt.
Source: TradingView
Is Trump likely to win the election?
This is likely due to Trump’s strong advocacy for cryptocurrency, which may have increased his odds of success in the upcoming election.
Remarking on the same, Tony Sycamore, a market analyst at IG.
“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.”
The Polymarket prediction market data further confirmed this trend, with Trump leading the charts, securing 71% of the votes compared to President Joe Biden, who stood at 17%.
Source: Polymarket
