Bitcoin experienced its largest surge in three weeks as speculation grows about Donald Trump becoming the next President of the United States.
The leading cryptocurrency increased by up to 4.9%, exceeding $63,000, following the assassination attempt on the former president.
Betting markets have improved the odds of a Trump victory, driving the price of Bitcoin higher.
Benjamin Celermajer, chief investment officer at Magnet Capital, stated, “The Republican party has been pro-crypto, and the increased probability of a Trump presidency is positively impacting crypto markets.”
Tony Sycamore, market analyst at IG Australia, added that Bitcoin “gained momentum” after the assassination attempt strengthened Trump’s reelection prospects.
Trump has been announced as a keynote speaker for the upcoming Bitcoin 2024 conference. However, given the recent attempt on his life, it’s highly unlikely he will attend in person.
Regardless of the circumstances and any debates about correlation and causation, Bitcoin is currently experiencing strong demand.
