Bitcoin and Altcoin Prices Soar After Donald Trump Assassination

Digital assets linked to Donald Trump's possibility of winning the November 4 elections began to experience volatility again following the assassination attempt against the former president.

Bitcoin (BTC) has risen 7 percent since the weekend attack to $62,900, pushing Trump's odds of winning the election on Polymarket to 70 percent.

The largest cryptocurrency by market cap broke the 200-day simple moving average (SMA). Trump-themed Polifi tokens also rose rapidly.

Trump has reversed course in recent months and embraced crypto to gain an advantage over rival Joe Biden and win over the crypto community, which is seeking a friendlier regulatory environment for the industry. The former president has committed to speaking at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.

“The biggest fundamental news of the weekend was the assassination attempt on Trump,” said Greg Magadini, director of derivatives at Amberdata. It's absolutely crazy. This increased Trump's presidential chances. “Trump becoming a pro-crypto president increases cryptocurrency demands,” he said.

Futures prices tied to 10-year Treasury bonds have fallen, implying higher yields as Trump's return to the White House means more spending, tax cuts and higher budget deficits.

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