The gunshots fired by Trump caused tremors in all aspects of the market. For the crypto industry supported by Trump, the gunshots brought momentum for an increase.
As there is a significantly increased chance of Trump's reelection, the price of bitcoin rose above $61,500 on Monday, hitting a new high within a week, and the upward trend continues.
On Saturday last week, President Trump, a candidate in the US presidential election, was shot at a rally in Pennsylvania, attracting global attention. Luckily, Trump was only injured in his right ear and later publicly stated that he was in good condition and would continue his campaign.
However, this attack still caused a huge earthquake in the US political arena, and the most obvious consequence is that expectations for Trump's victory have been raised once again. Some analysts expect that sympathy for the victim Trump and anger towards violence will greatly increase Trump's approval rating.
Prediction platform Polymarket shows that after the shooting incident, Trump's probability of winning the November election increased by about 10 percentage points, reaching 70%. Meanwhile, Biden's odds of winning were further reduced to 18%.
And this development also reignited enthusiasm in the crypto industry. After the shooting incident on Saturday, the price of Bitcoin rose sharply and at the time of writing, its trading price exceeded $62,600, hitting a new high in a week and rising by 3% during the day.
The price of the second largest ethereum has returned to the $3,300 level, and prices of other small tokens have risen and fallen. However, overall the market cap of the entire cryptocurrency market has increased by 2.42% in the last 24 hours.
Benefitting from the sharp rise of digital currencies such as bitcoin and ethereum, ETFs related to the Hong Kong stock market have also become stronger. As of press time,$Bosera HashKey Bitcoin ETF (03008.HK)$rose$Harvest Bitcoin Spot ETF (03439.HK)$rose nearly 10%,$ChinaAMC Ether ETF (03046.HK)$rose more than 9%,$Harvest Ether Spot ETF (03179.HK)$,$Bosera HashKey Ether ETF (03009.HK)$,$ChinaAMC Ether ETF (03046.HK)$all rose nearly 9%.
Bullish.
At the beginning of this election campaign, Trump has already shown his support for the crypto industry. He even shouted the slogan of "making cryptocurrencies in America", winning the support of crypto enthusiasts.
To consolidate the market's support for him, he also plans to speak at the Bitcoin conference on July 27. It can be said that the crypto industry, which has been tortured by the strict scrutiny policies of the Biden administration, is eagerly looking forward to Trump's election.
IGAustralia Pty market analyst Tony Sycamore pointed out that the failed assassination increased the chances of Trump's reelection, which gave bitcoin the momentum to rise.
Santiment analysts predict that the cryptocurrency market will experience greater volatility and its rise will be similar to that after the presidential TV debate in June. After the broadcast, as Biden's mental state was poor, the market significantly raised its expectations for Trump's victory.
QCP Capital revealed in a report that large hedge funds are actively buying Bitcoin. The macro sentiment is also very positive, with inflation slowing down and the market expecting the Fed to cut interest rates in September, which is consistent with the trend of rising Bitcoin and cryptocurrency prices. The company believes that the target price for bitcoin is between 0.1-0.12 million USD.
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