Unstoppable momentum as bitcoin price skyrockets

Bitcoin has experienced a significant surge today, an unexpected rise that was triggered by an unfortunate event – an assassination attempt on former US President Donald Trump. The incident led traders to increase their stakes on Trump’s potential victory in the upcoming November US presidential election.

Bitcoin’s price soared by as much as 9.1 percent, reaching $62,830, its highest level in a fortnight. This dramatic increase came after a shocking incident at a campaign rally over the weekend, where an armed individual targeted Trump. The former president, a Republican, is viewed as a strong pro-crypto candidate. His enthusiasm for US-based Bitcoin mining and his history of hosting industry executives at Mar-a-Lago have earned him this reputation.

It is interesting to note that Trump’s campaign has also started accepting cryptocurrency payments. This is a first for any major US political party and has sparked hope for a shift away from the recent US regulatory crackdown on the crypto industry. The likelihood of a Trump victory has significantly increased now and it is believed that a Trump presidency would have a positive impact on crypto.

In the wake of these developments, shares in Trump’s Truth Social media company saw a 60 percent jump in pre-market trade. Trump Media & Technology Group, which went public in March through a merger with a blank-cheque company, had previously rallied ahead of the debate between Trump and current President Joe Biden.

Bitcoin’s price this year

Bitcoin’s performance over the past few months has been quite varied. A Bitcoin Monthly Performance chart can be used to visually represent Bitcoin’s performance and returns each month, compared to the previous month’s price.

This chart employs color-coded bars to signify whether Bitcoin’s value has risen or fallen compared to the previous month. A green bar represents an increase in Bitcoin’s value, while a red bar indicates a decrease.

It’s crucial to remember that the cryptocurrency market is extremely volatile and prone to swift changes. As a result, while historical data can offer some insights, it doesn’t guarantee future performance. It’s always advisable to conduct your own research or seek advice from a financial advisor before making investment decisions.

This information is current as of July 2024. For the most up-to-date data, consider checking a trustworthy financial news source or a cryptocurrency exchange platform.

The possibility of Trump returning to the presidency has also had ripple effects on broader financial markets. US Treasury yields and the dollar have edged higher, albeit in a more subdued reaction compared to the aftermath of Biden’s poor debate performance.

Many investors are of the opinion that Trump’s tax-cutting policies would lead to increased deficits and inflation. This, in turn, would negatively impact US Treasuries while boosting the dollar, mirroring the pattern observed following Trump’s election victory in 2016.

The US dollar index, which measures the greenback against six other major currencies, rose by 0.2 percent in morning trading. This comes after a period of weakening throughout July, as traders have been increasing their bets on a September interest rate cut from the Federal Reserve.

Yields on benchmark 10-year Treasuries rose by 0.03 percentage points to 4.21 percent, indicating a slight decline in price. Contracts tracking Wall Street’s S&P 500 and the tech-heavy Nasdaq 100 advanced by 0.3 percent and 0.5 percent respectively, ahead of the New York open..

Bitcoin reached a peak of over $70,000 in mid-March but has struggled to maintain momentum since April’s halving event. This event, which saw the number of daily bitcoins available for miners to share for securing the Bitcoin network drop from 900 to 450, was expected by some analysts to trigger a Bitcoin rally.