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Bitcoin's price surged past $60,000 following an assassination attempt on former President Donald Trump, highlighting the cryptocurrency's sensitivity to political events.
Trump's Rising Popularity in Crypto Community
Following the news that the former President of the United States and candidate for the White House in 2024, Donald Trump, received an injury during an attempt to assassinate him, the value of Bitcoin has skyrocketed.
As Trump's chances of retaking the White House in November increased on the cryptocurrency-based Polymarket prediction site, the price of Bitcoin has surpassed $60,000 per Bitcoin. This is an increase from the lows achieved earlier this month when it was at $53,000 per Bitcoin.
Forbes reports that after being injured in a shooting that took place at a rally in Pennsylvania on Saturday, President Trump's odds of winning the presidential election in November increased by almost ten points, reaching seventy percent, according to the Polymarket platform, which enables users to wager cryptocurrencies on the outcome of virtually any event.
According to Polymarket, the probability that President Joe Biden will win the election is currently around sixteen percent.
Political Turmoil and Market Reactions
Following his announcement that he will be the keynote speaker at the Bitcoin 2024 conference, which will take place later this month, Donald Trump has emerged as the candidate of choice for the cryptocurrency and Bitcoin community. He has pledged to safeguard the right of individuals to possess Bitcoin.
During a ceremony that took place in Washington, District of Columbia, a month ago, President Trump stated, "I will make sure that the future of Bitcoin will be made in the United States and not driven overseas."
Cryptocurrency's Role in Political Campaigns
In recent months, President Trump has shown a strong interest in Bitcoin and other forms of cryptocurrency. This comes after he made millions of dollars from a series of crypto-based digital trading card non-fungible tokens (NFTs), which put him in direct opposition to the anti-cryptostance taken by the Biden administration.
Late in the month of May, President Trump announced his support for cryptocurrencies and started taking donations for his campaign in the form of Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu.
