Will the attack on Donald Trump set the stage for the next Bitcoin bull run?

Immediately after the failed assassination attempt on Donald Trump on Saturday, July 13, Bitcoin and the cryptocurrency market in general saw a strong surge with the price rising to $60,000. Altcoins also made a strong move with some of the major altcoins seeing gains between 4 and 5%.

Donald Trump’s Attack May Trigger Bitcoin Bull Run

Former US President Donald Trump, who has been vocal about his pro-crypto stance, was shot in the right ear during his political rally in Pennsylvania. Trump narrowly escaped and his campaign team said he was “fine” and would attend the Republican National Convention starting Monday.

Well, yesterday’s attack has significantly improved Donald Trump’s chances of becoming the next US president PredictIt data. The cryptocurrency market is already cheering this development with today’s move.

As per his previous confirmation, Donald Trump was expected to attend Bitcoin Conference 2024 later this month, in July. However, Satoshi Street would be eagerly awaiting further details on this after the current attack.

Along with Bitcoin and other altcoins, the TRUMP meme coin has surged by a whopping 60%, hitting $10 in the morning, with its market cap surpassing $415 million. Additionally, daily trading volumes have increased by a staggering 1000% following the recent attack.

As the election approaches, the crypto community has generally reacted positively to pro-Trump news, largely due to his recent supportive comments on cryptocurrency. Even surviving an assassination attempt is seen as pro-Trump news, which has led to bullish reactions in the market.

Read also: Trump vs. Biden election outcome unlikely to deter bipartisan support for cryptocurrencies

BTC or Safe Haven?

According to Bloomberg’s report, traders will initially move to safe-haven assets and then evaluate all traders associated with Donald Trump’s candidacy. Speaking with Bloomberg

Nick Twidale, Chief Market Analyst at ATFX Global Markets said:

“There will undoubtedly be some protectionist or safe-haven flows into Asia in the early hours. I suspect gold could test all-time highs, we will see yen buying and the dollar, and flows into Treasuries as well.”

However, some early market commentary is saying that after this failed attack on Trump, attention will shift to stocks and other RISK-ON assets such as Bitcoin and cryptocurrencies are those most exposed to its policies.

Traders will also be closely monitoring market indicators for expected volatility on Monday, including those related to the tariff-sensitive Chinese yuan, which has begun to factor in the upcoming U.S. election.

although the Bitcoin Price It has jumped as high as $60,000, the bulls need to make a decisive break above the 200-day moving average to set the stage for the next bullish phase.

Read also: US Bitcoin ETFs See $1.1 Billion Inflows This Week, BTC Holdings Hit All-Time High

Fuente