(Bloomberg) — Bitcoin rose above $60,000 on speculation that Donald Trump’s defiant response to an assassination attempt improved his chances of winning the presidential election.
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The former president, a self-described pro-cryptocurrency advocate, said he was shot in his right ear during gunfire at his political rally in Pennsylvania on Saturday. His campaign said after the incident that he was “ok” and looking forward to going to the Republican National Convention, which starts in Milwaukee on Monday.
Today’s developments have increased the likelihood that Trump will become president again, according to data from PredictIt. Since the attack, images of a defiant Trump — fist raised above his head, blood coming from his right ear, American flag flying in the background — have been circulating on social media and television.
President Joe Biden said he was glad Trump was safe and condemned the violence.
Markets are likely to react with higher volatility, potentially repeating the trade that took place when last month’s debate went in Trump’s favor, sending the U.S. dollar higher and Treasury yields higher.
Bitcoin was up 2.7% to $60,160.71 as of 1:05 a.m. New York time. The most-traded cryptocurrency had been steady in recent days on optimism that ETFs from big firms such as BlackRock Inc. and Fidelity Investments were providing underlying demand that could help cushion price volatility.
–With assistance from Ishika Mookerjee.
(Will be updated as prices change.)
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