News of former President Donald Trump, a Republican presidential candidate, being shot and injured during a rally on the 13th (local time) led to a nearly 4% increase in the value of Bitcoin, the leading cryptocurrency. It has since recovered to the $60,000 mark.
Regains $60,000 mark after 11 days… “Trump’s chances of victory have increased”
As of 1:35 AM EST on the 14th (10:35 PM PST on the 13th), the price of one Bitcoin was trading at $61,173, up 3.94% from 24 hours ago.
Bitcoin was moving in the $58,000 range that day, but upon the news of Trump’s shooting, it quickly jumped to the $59,000 range.
It then expanded its gains, regaining the $60,000 mark. Since the 3rd, it was the first time in 11 days that Bitcoin had reached the $60,000 level.
The rise in Bitcoin that day is interpreted as a result of increased chances of Trump winning the November election due to the shooting incident.
Crypto President election chances rise to 70%… “Market expectations forming”
According to Polymarket, a prediction betting site for various events, the chances of Trump’s election skyrocketed from 60% to 70% immediately after the incident.
In the cryptocurrency market, Trump, a Republican presidential candidate, is seen to be more friendly to the industry than President Joe Biden.
At a fundraiser event in San Francisco last month, Trump promised to become the “Crypto President,” pledging active support for the cryptocurrency industry.
On the other hand, cryptocurrency investors have criticized the Biden administration for excessively regulating the industry.
In December last year, Forbes reported that the market expects Trump to reverse the current government’s hostile cryptocurrency policies if he returns to power.
At the same time, Ethereum also rose 2.50% to $3,203.
