Bitcoin surges as Trump shooting boosts reelection chances

Bitcoin is gaining momentum following the shooting at a Donald Trump rally, leading to speculation that the incident will increase your chances of winning the presidential election.

The former president, who positioned himself as pro-Cryptocurrencysaid he was outlet in his right ear after gunfire erupted at his political rally in Pennsylvania on Saturday. His campaign said he was “fine” after the incident and looking forward to the Republican National Convention that begins Monday in Milwaukee.

Trump’s chances of becoming president again have increased after today’s events, according to data from PredictIt. Images of a defiant Trump — with his fist raised above his head and his right ear bloodied, with the American flag waving in the background — have been circulating on social media and on television in the wake of the attack.

Trump’s campaign said he will attend the convention. President Joe Biden said he was glad Trump was safe and condemned the violence.

Markets will likely respond with increased volatility and may repeat the trades that were employed when last month’s debate went in Trump’s favor, when the U.S. dollar gained and Treasury yields rose.

Bitcoin rose as much as 2.1% to $59,849.84 before paring that advance to trade at around $59,426 as of 10:25 p.m. New York time. The most-traded crypto token had stabilized in recent days, with optimism that ETFs from titans including Black stone Inc. and Fidelity Investments provide the kind of basic demand that can moderate price swings.

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