Bitcoin
Bitcoin hits two-week high after Trump attack
SINGAPORE, July 15 (Reuters) – Bitcoin hit a two-week high on Monday after the attempted murder of the US presidential candidate Donald Trump increased the chances of the former president, who presented himself as a Cryptocurrency Championwinning the upcoming election. Trump said he was shot in the ear during the attack at a Pennsylvania rally on Saturday. His campaign said he was doing well. Some investors said the attack bolstered his chances of winning back the White House and business bets on his victory are expected to increase this week.
Bitcoin rose 8.6% to $62,508, hitting a two-week high of $62,698 earlier in the session, bringing its year-to-date gains to 47%.
Ether also rose 6.8% to $3,322.
Trump is running against Democratic President Joe Biden in the November election. US Election and criticized Democrats’ attempts to regulate the cryptocurrency industry. Trump portrayed himself as a champion for cryptocurrency during a fundraiser in San Francisco in June, though he did not offer details on his proposed cryptocurrency policy.
“He’s certainly positioned himself as pro-crypto and as his re-election chances were galvanised by the shooting over the weekend, that’s certainly given a big boost to the bid in the cryptocurrency markets and bitcoin is obviously an absolute standout,” said Tony Sycamore, market analyst at IG.
Trump is about to to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, conference organizers said last week. Bitcoin had a strong start to the year following the launch of exchange-traded funds in the U.S., propelling it to a record high of $73,803.25 in mid-March, but has since struggled. It fell to a more than four-month low in early July when traders concerned about the likely dumping of tokens from the now-defunct Japanese exchange Mt. Gox.
“We’ve had four weeks of declines on the Mt. Gox news… but the recovery seems to me to have a long way to go and I wouldn’t be surprised to see it climb back to at least $65,000 by the end of this week,” said IG’s Sycamore.
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Reporting by Ankur Banerjee and Rae Wee in Singapore; Editing by Christian Schmollinger
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