In the Asian session on Monday, Bitcoin broke through $62,000 per coin, up about 2% on the day, and Ethereum broke through $3,300 per coin, up 1.72% on the day, both rising to their highest levels since early July. Trump's contemptuous response to the assassination attempt has stimulated speculation that the former president who supports cryptocurrency has a higher chance of winning re-election.
Trump said he was shot in the right ear after a shooting at a Pennsylvania rally on Saturday, an incident that has sparked global condemnation of political violence and shaken the U.S. presidential campaign. Some analysts expect sympathy and anger over the incident could spur support for the Republican presidential candidate, who said after the incident that he was "fine" and looked forward to attending the Republican National Convention in Milwaukee on Monday.
A key question for global markets now is whether the so-called "Trump deal" will gain momentum, with the argument being that Trump's return to the White House will bring tax cuts, higher tariffs and less regulation.
Trump has also increasingly embraced the cryptocurrency industry in his quest to win over voters, and last week organizers of a Bitcoin conference to be held in Nashville, Tennessee on July 27 said he would speak at the event.
Tony Sycamore, market analyst at IG Australia Pty, wrote in a report that Bitcoin "gained momentum" as a result of the failed assassination attempt, which increased the likelihood of Trump's re-election.
Bitcoin's supporters argue that it can serve as a store of value and a hedge against political unrest, but that claim is controversial given its inherent volatility.
Trump met with bitcoin miners in June and said in a post on his Truth Social account that bitcoin mining could be “our last line of defense against CBDCs,” referring to central bank digital currencies. He also said he hopes all remaining bitcoins are “Made in the USA!!”
The cryptocurrency industry is trying to support candidates perceived to favor digital assets, including making large donations to the Fairshake political action committee. The industry is becoming an influential player in the 2024 election in part to fight back against a regulatory crackdown led by the U.S. Securities and Exchange Commission (SEC).
Trump's campaign team accepted digital asset donations, and a person familiar with the matter said earlier that Trump had discussed cryptocurrency policy with billionaire Elon Musk. Regarding Trump's change of stance on cryptocurrency, some analysts believe that the cryptocurrency industry has become a source of political funds that cannot be ignored. A senior executive of a Bitcoin mining company once said that the cryptocurrency industry has promised to raise $100 million for Trump and plans to mobilize 5 million voters to support Trump.
In addition, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, analyzed that since Trump is more friendly to Bitcoin regulation and mining than Biden, as Trump's chances of being elected are increasing, it is expected that Bitcoin will rise to $100,000 in the November election and is expected to reach $200,000 by the end of next year.
The article is forwarded from: Jinshi Data
