Bitcoin Surges as Traders Bet on Donald Trump Election Win After Shooting

All Bangla Newspaper
2 min readJul 15, 2024

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Bitcoin surged on Monday following an assassination attempt on Donald Trump, as traders increased their bets on the former president winning November’s US presidential election.

Bitcoin

The price of bitcoin rose by as much as 10 percent to $63,270, its highest level in two weeks, after Trump was injured in the ear during an assassination attempt at a campaign rally over the weekend. Trump is seen as a pro-crypto candidate, having hosted industry executives at Mar-a-Lago and voiced enthusiasm for US-based bitcoin mining.

Trump’s campaign has also accepted cryptocurrency payments, a first for a major US political party, raising hopes of a departure from the US regulatory crackdown on the industry seen in recent years.

“The probability of a Donald Trump victory has increased significantly,” said Grzegorz Dróżdż, market analyst at currency company Conotoxia, adding that a Trump presidency would “positively impact” crypto.

The implied odds of Trump winning in November jumped shortly after the shooting, according to live trading on political betting site PredictIt.

Shares in Trump’s Truth Social media company rose 30 percent. Trump Media & Technology Group, which was taken public in March in a merger with a blank-cheque company, rallied ahead of the debate between Trump and President Joe Biden last month.

Shares in US gun makers also surged. Sturm Ruger & Co. rose 7 percent, having earlier climbed by as much as 12 percent, and Smith & Wesson Brands rose 11 percent.

The shortening odds on a second Trump presidency were also felt in broader financial markets. US Treasury yields climbed, in a more muted version of the reaction that followed Biden’s disastrous debate performance.

Many investors believe Trump’s tax-cutting policies would drive up deficits and inflation, hitting US Treasuries and boosting the dollar, in a similar pattern to the aftermath of his election win in 2016.

The US dollar index, which tracks the greenback against a basket of six other major currencies, was steady, having weakened so far in July as traders have raised their bets on a September interest rate cut from the Federal Reserve.

Yields on benchmark 10-year Treasuries rose 0.03 percentage points to 4.22 percent, reflecting a small decline in price. Wall Street’s blue-chip S&P 500 and the tech-heavy Nasdaq Composite both advanced 0.5 percent.

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All Bangla Newspaper
All Bangla Newspaper

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