Bitcoin Reclaims $62K as ‘Trump Trades’ Regain Prominence Following Weekend Incident
Bitcoin Reclaims $62K as ‘Trump Trades’ Regain Prominence Following Weekend Incident According to one observer, the recent attack on pro-crypto presidential candidate Trump is likely to stimulate increased interest and bids for cryptocurrencies.
BTC Surpasses $62,000 Amid Speculation of Trump Election Boost
Bitcoin (BTC) has surged past $62,000 following an attempted assassination of pro-crypto presidential candidate Donald Trump over the weekend, which has heightened expectations of his electoral victory on November 4th. According to Polymarket, the likelihood of Trump winning the election has risen to 70%, prompting a 7% increase in BTC price since the incident.
This rally has also propelled Bitcoin above its critical 200-day simple moving average (SMA), signaling positive momentum for traders. Trump-themed Polifi tokens have similarly seen a surge in value, reflecting the intersection of politics and finance.
Trump’s recent embrace of cryptocurrency as a strategic move against rival Joe Biden has positioned Bitcoin and the broader crypto market as indicators of his electoral prospects. The former president is scheduled to speak at the Bitcoin 2024 conference in Nashville on July 27th, further solidifying his pro-crypto stance.
Greg Magadini, director of derivatives at Amberdata, highlighted the impact of the weekend’s events on market sentiment: “The attempted assassination of Trump was the most significant news. This has increased the likelihood of a Trump presidency, which should drive higher bids for cryptocurrencies.”
Elsewhere in the financial markets, the Chinese yuan (CNY) and Mexican peso (MXN) weakened on fears of increased trade tensions under a potential Trump administration. Futures tied to the 10-year Treasury note declined, suggesting expectations of higher yields amidst prospects of increased fiscal spending and tax cuts under Trump.
Despite Asian stocks dipping due to disappointing economic data from China, futures linked to the S&P 500 indicated a positive start for Monday trading. The dollar index, which measures the greenback against major currencies, also showed a slight increase.
The potential for a Trump victory has sparked volatility across various asset classes, with implications for global financial markets in the coming months.
