Bitcoin surged to a two-week high, Reuters reports, attributing this jump to the fact that after a failed assassination attempt, Donald Trump's chances of winning the upcoming US presidential election have sharply increased. He positions himself as a supporter of cryptocurrency.
Bitcoin rose by 8.6% to $62,508, approaching a two-week high of $62,698 reached earlier in the trading session. As a result, Bitcoin's growth since the beginning of the year amounted to 47%. Ethereum also showed growth, but slightly less, increasing by 6.8% to $3,322.
Republican Donald Trump, the main competitor of current President Joe Biden in the upcoming November US elections, criticized Democrats' attempts to regulate the crypto sector. During a fundraising event for his campaign in San Francisco in June, he called himself a proponent of cryptocurrency, although he did not reveal details about what policy he plans to follow regarding the cryptocurrency market.
"He is definitely positioning himself as a supporter of cryptocurrencies, and since his reelection chances were boosted due to the weekend's shooting incident, it has undoubtedly significantly increased bets on the cryptocurrency markets and obviously on Bitcoin," said Tony Sycamore, a market analyst at IG.
After the launch of spot exchange-traded funds (ETFs) in the US, the price of Bitcoin rose to a record $73,803.25 in mid-March 2024 but then corrected and remained in the range of $60,000-$70,000 for a long time. In early July, Bitcoin fell to a more than four-month low as traders were worried about the possible release of cryptocurrency from the bankrupt Mt.Gox exchange.
"We had four weeks of decline on the back of the Mt. Gox news... but the recovery, I believe, is still ahead, and I wouldn't be surprised to see it moving back up, at least to $65,000 by the end of this week," Sycamore forecasts.
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