Bitcoin is rising after a shooting at a Donald Trump rally. This incident has led to speculation that it will increase his chances of winning the presidential election.
The former president, known for his pro-crypto stance, said a gunshot hit his right ear during his rally in Pennsylvania on Saturday. His campaign announced that he is “fine” after the incident. Trump looks forward to attending the Republican National Convention in Milwaukee on Monday.
PredictIt data shows Trump’s chances of becoming president again increased after the shooting. Images of Trump, with his fist raised and his bloody right ear, are trending on social media and television.
The Trump campaign confirmed his attendance at the convention. President Joe Biden expressed relief that Trump is safe and condemned the violence.
Markets are likely to respond with higher volatility. This is similar to the trades from last month’s debate that favored Trump. During that time, the US dollar gained, and Treasury yields climbed.
Bitcoin rose as much as 2.1% to $59,849.84 before settling to trade at about $59,426 as of 10:25 p.m., New York time. The most-traded crypto token had stabilized in recent days due to optimism about ETFs from companies like BlackRock Inc. and Fidelity Investments. These ETFs are expected to provide stable demand that can reduce price swings.
