Bitcoin Magazine: Bitcoin Price Breaks $63,000 Following Assassination Attempt on Trump
Last week’s attempted assassination of Donald Trump saw a massive reaction in the cryptocurrency market. Bitcoin prices surged nearly 10% on the news, from under $58,000 to over $63,000 before other financial markets could open.
The move suggests several things. First, following the attempt on Trump’s life, his odds of winning the Presidency again surged on betting sites. Trump has come out in favor of American innovation in all things cryptocurrencies. He would likely be a stronger candidate for pro-crypto voters.
Meanwhile, bitcoin prices could be reaching a point where they start to react to political events.
Generally, bitcoin has been a bit more responsive to inflation data, but has also continued to follow its own four-year cycle.
Buying data on exchanges indicate that there was a frenzy to buy bitcoin following the news. Buying bitcoin rather than selling it to raise dollars may indicate bitcoin’s utility as a form of cash.
Given Trump’s increasingly pro-bitcoin views, as well as the rise of bitcoin ETFs, a further rally in the months ahead looks likely. Bitcoin investors generally expect a rally in the months ahead, given bitcoin’s prior halving.
A new rally for bitcoin could take the price over $100,000 by the end of the year, or about 50% higher than current prices. That move will likely lead to surging prices for bitcoin-related stocks.