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Bitcoin hits $60,000 and other cryptocurrencies gain as Trump shooting boosts his re-election odds
Bitcoin rose above $60,000 after Donald Trump’s response to an assassination attempt increased speculation that his chances of getting re-elected are higher.
Bitcoin rose above $60,000 and other cryptocurrencies gained in market value after Donald Trump's defiant response to an assassination attempt by shooting during his campaign rally increased speculation that his chances of winning the election has increased, Bloomberg reported.
Why did Bitcoin rise after the assassination attempt on Trump?
The Republican presidential candidate and former U.S. President had become known for being pro-crypto, telling “I will make sure that the future of bitcoin will be made in the U.S. and not driven overseas,” during an event in Washington, D.C. last month, according to a Forbes report.
This is in stark contrast to the Biden administration's anti-crypto stance. Trump went so far as to accept campaign donations in bitcoin, ethereum, solana, dogecoin and shiba inu, supporting the right to custody of crypto, according to the Forbes report.
What happened at Donald Trump's campaign rally?
The former president was campaigning at the Butler Farm Show in Butler, Pennsylvania, when an assailant opened fire.
The Federal Bureau of Investigation (FBI) has identified Thomas Matthew Crooks, 20, as the shooter. He was shot and killed by security officials on the spot.
Trump got shot in the ear, while one attendee got killed and two others are in critical condition, according to a CNBC report.
His campaign said that he was “fine” after the incident and is looking forward to going to the Milwaukee Republican National Convention on Monday.
What was the outcome of the assasination attempt on Trump?
Trump’s chances of becoming president increased after he defiantly responded to the shooting, gesturing to the public with a bloodied face as he was assisted by U.S. Secret Service personnel, Bloomberg wrote, citing data from PredictIt, a New Zealand-based prediction service on political and financial events, owned by the Victoria University of Wellington.
Images of the defiant Trump, with his fist raised over his head and his bloody right ear, and the American flag waving in the background are trending across social media and television after the attack, the report read.
President Joe Biden said he is glad Trump is safe and condemned the violence.
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How much did Bitcoin and other cryptocurrencies rise after the assassination attempt on Trump?
Bitcoin rose as much as 2.7% to $60,160.71 as of 1:05 a.m. in New York, according to the Bloomberg report.
Dogecoin, Solana, XRP, and some other cryptcurrencies also gained around 5% or more, according to a CNBC TV18 report, which cites Coinmarketcap.
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