Bitcoin Surges Past $62,000 Following Trump Rally Incident
Cryptocurrency markets and equities experienced a surge at the start of the week following a notable increase in former President Donald Trump’s likelihood of reclaiming the presidency after an attempted assassination over the weekend. Bitcoin saw a rebound surpassing $62,000, marking its first time above this threshold since the onset of July.
The incident unfolded on Saturday evening when a gunman opened fire at a Trump campaign rally in western Pennsylvania. Trump sustained minor injuries to his right ear and confirmed on his Truth Social platform that he had been hit by a bullet that grazed the upper part of his right ear. Tragically, one attendee lost their life in the shooting, while two others were left in critical condition. Federal authorities classified the event as an assassination attempt, with the shooter identified as 20-year-old Pennsylvania native Thomas Matthew Crooks. The situation was swiftly contained as a Secret Service sniper neutralized Crooks within seconds of the attack commencing.
Trump’s chances of securing the White House again surged to 66% on PredictIt post the rally shooting, up from approximately 60% prior to the incident. This increase notably surpassed his odds, which stood at around 53% before the initial presidential debate.
The cryptocurrency realm responded positively to the rise in Trump’s prospects, viewing him as a more favorable candidate for the sector compared to current President Joe Biden. Bitcoin’s value surged to approximately $62,800 early Monday after hovering below $59,000 pre-assassination attempt. This upward movement propelled bitcoin back above its 200-day moving average, as indicated by TradingView data. The last time bitcoin traded above $62,000 was on July 2.
In tandem with bitcoin’s surge, Ethereum also experienced a significant uptick, reaching close to $3,350 by Monday morning, having traded above $3,100 before the rally incident. The bulk of Ethereum’s gains materialized on Sunday, with ETH now trading at levels reminiscent of early July.
Coinbase, a prominent crypto exchange, saw a 5.5% increase early Monday, rebounding above its 50-day moving average. The stock of COIN is currently in a consolidation phase, with a buy point set at 283.43.
Bitcoin mining companies like Marathon Digital, CleanSpark, Hut 8, Core Scientific, and Iris Energy witnessed positive movements as well, with gains ranging from 4.6% to 8.5% early Monday.
For more updates on stock news, you can follow Harrison Miller on Twitter @IBD_Harrison.
