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Bitcoin Surges to $60,000 as Trumps Re-Election Odds Rise

14 July, 2024 | 2 Min Read

tickers: USD-USD

source: Business Standard

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USD-USDpositivelyThe attempted assassination of Donald Trump, a pro-crypto advocate, has sparked a surge in Bitcoin prices, and with markets expected to react with heightened volatility, the US dollar is anticipated to strengthen, positively impacting the USD-USD ticker.

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summary

Bitcoin Surges Past $60,000 as Trump’s Re-election Odds Rise

Bitcoin climbed above the $60,000 mark following an assassination attempt on former President Donald Trump, which may have boosted his chances of winning the upcoming presidential election, according to PredictIt data.

Trump, who has positioned himself as pro-crypto, was unharmed by gunfire at his political rally in Pennsylvania on Saturday, with images of his defiant response spreading across social media and television.

The current President Joe Biden has expressed relief that Trump is safe and condemned the violent attack.

Markets are expected to react with heightened volatility, potentially mirroring the trades seen last month when a debate positioned Trump favorably. In that instance, the US dollar strengthened and Treasury yields rose.

Bitcoin’s surge, up to 2.7% as of 1:05 a.m. in New York, also comes amid optimism surrounding potential ETFs from major players like BlackRock Inc. and Fidelity Investments, which could provide a stable demand to counter price fluctuations.

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