The price of Bitcoin soared to over $60,000 after a dramatic turn of events involving former President Donald Trump, which sparked speculations about his increased chances of winning the presidential election.
The pro-cryptocurrency former president was shot in his right ear during a political rally in Pennsylvania on Saturday. His campaign stated that he is "doing well" after the incident and looks forward to attending the upcoming Republican National Convention starting tomorrow in Milwaukee.
Following the developments yesterday, Trump's prospects of winning the presidency again have significantly improved, according to data from PredictIt, a prediction market platform. Images of Trump raising his fist in a defiant gesture, with blood on his right ear and the American flag waving in the background, circulated on social media and TV channels after the attack.
Trump's campaign confirmed his attendance at the convention, while President Joe Biden expressed relief that Trump is safe and condemned the attack.
Market volatility is likely to increase as a result, and the market may witness a repetition of the post-debate transactions that favored Trump. Back then, the dollar and Treasury bond yields rose.
Bitcoin rose by 2.7%, reaching a price of $60,160 for the world's largest cryptocurrency.
The most traded cryptocurrencies have remained stable in recent days, amid optimism that exchange-traded funds from giant companies such as BlackRock and Fidelity Investments will provide the supportive demand that can alleviate price volatility.
