Bitcoin prices continued to rise on Sunday following dramatic scenes ahead of the failed assassination attempt on former President Donald Trump.
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#BTC rose 5.5% above $62,450 in weekend trading, a two-week high
The asset surged Saturday after the shooting, raising the value of Trump-inspired meme coins.
During a campaign rally, Trump was shot in the right ear by a 20-year-old gunman, who was killed on the spot. One participant was also killed and two others were seriously injured.
Photos circulating online showed Trump defiantly punching the air immediately after the assassination attempt, with blood streaming down one side of his face.
Some crypto investors and bettors believe this could boost Trump's campaign prospects. If Trump wins the election, cryptocurrency advocates expect a more favorable regulatory environment than a second term under Biden.
Support for Trump has flooded social media since Saturday's shooting, with many confirming or even announcing for the first time that they will support the outspoken politician in the upcoming presidential election in November.
Bill Ackman, a billionaire hedge fund manager and former crypto critic turned supporter, said he would “officially endorse” Trump in a post for X on Saturday, shortly after the incident in Pennsylvania.
On Saturday, traders at blockchain betting site Polymarket increased their bets on Trump winning back the White House, raising the odds to a record high of 70%, up from 60% the day before.
Bitcoin and the cryptocurrency are “very sensitive” to Trump's return to the White House and the assassination attempt, Rosenblum said, explaining the asset's gains over the weekend.
“Trump is particularly pro-cryptocurrency compared to the Biden administration, so a Trump victory should benefit the industry in terms of regulation and investment,” he said.
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