Bitcoin Surges Above $60,000 After Trump’s Response to Assassination Attempt: Bloomberg Report

Bitcoin surged above $60,000 following an assassination attempt on former President Donald Trump, sparking speculation about his presidential election prospects. According to a Bloomberg report, Trump was shot in the right ear during a political rally in Pennsylvania but his campaign assured the public of his well-being, stating he was “fine” and ready to attend the upcoming Republican National Convention.

The incident led to an increase in Trump’s chances of winning the presidency again, as indicated by PredictIt data. Images of Trump defiantly raising his fist with a bloody right ear have gone viral on social media and television, further fueling speculation about his political future.

President Joe Biden expressed relief that Trump was safe and condemned the violence. The markets are expected to react with increased volatility, possibly mirroring the trades seen during last month’s debate, which favored Trump.

Bitcoin surged by up to 2.7% to $60,160.71 following the incident. The leading cryptocurrency had stabilized recently, buoyed by optimism surrounding ETFs from major players like BlackRock Inc. and Fidelity Investments. Experts believe that economic indicators pointing towards a likely interest rate cut by the Federal Reserve could increase investor interest in Bitcoin as a hedge against inflation.

Sumit Gupta, co-founder of CoinDCX, stated that the recent upward movement in Bitcoin’s price could continue, especially with the absence of downward pressure from the German government’s Bitcoin sell-off. Overall, Bitcoin’s status as a favored alternative asset seems to be confirmed by its recent price surge.