Unlock the US Election Countdown newsletter for free – Bitcoin surges following Trump assassination attempt

The recent assassination attempt on former President Donald Trump has sent shockwaves through the financial markets, with Bitcoin surging as traders bet on a potential Trump victory in the upcoming US presidential election.

Following the incident where Trump was injured in the ear during a campaign rally, the price of Bitcoin rose by as much as 10 percent to reach $63,270, its highest level in two weeks. Trump, known for his pro-crypto stance, has been seen as a favorable candidate for the cryptocurrency industry, having hosted industry executives and accepted cryptocurrency payments for his campaign.

The implied odds of Trump winning in November also saw a significant increase on political betting sites, reflecting the growing confidence in his potential re-election. Shares in Trump’s Truth Social media company and US gun makers surged as well, indicating a positive market sentiment towards a second Trump presidency.

The broader financial markets also felt the impact of the news, with US Treasury yields climbing and Wall Street’s major indices advancing. Many investors believe that Trump’s tax-cutting policies would drive up deficits and inflation, leading to a boost in the dollar, similar to the aftermath of his election win in 2016.

Overall, the events following the assassination attempt have led to a renewed sense of optimism in the markets, with analysts pointing to the Trumpian theme and his pro-crypto stance as key drivers behind the recent market movements. Bitcoin, which had struggled to gain momentum since April, saw a significant rally in response to the news, reaching above $70,000 in mid-March.

As the US presidential election draws closer, the impact of political events on the financial markets is likely to become more pronounced, with investors closely monitoring developments and adjusting their strategies accordingly.