Bitcoin dips again after failed assassination attempt on Trump

Bitcoin fell below $60K following reports of gunshots near the former president of the United States during his round of golf at the Trump International Golf Club in West Palm Beach, Florida.

Former President Donald Trump was safe on Sunday, his campaign said, after shots were fired near him at his Florida golf course. After the incident, the golf course was promptly locked down.

The bulls at some point moved quickly to stop the bears and push the price back above $60K, before the Rrump’s incident, after the bears had attempted to drive it toward $59.5K.

Bitcoin Fundamentals still healthy 

Bitcoin’s market conditions are still sound. Bitcoin Spot ETFs ended the week with record inflows, $263 million on Friday, according to data from Sosovalue. This capital inflow is the highest since July 2024.
Since institutional capital represents demand among investors with large wallets, it is important to note that higher inflow and demand typically fuel BTC gains

The amount of Bitcoin available on crypto exchanges is at its lowest since 2018. A declining exchange supply is seen favorably for Bitcoin because it lessens the quantity of tokens available on exchange platforms and eases selling pressure.

Suspect Arrested

The Federal Bureau of Investigation said in a statement, “The FBI has responded to West Palm Beach, Florida, and is investigating what appears to be an attempted assassination of former President Trump.”. Four senior law enforcement officials told NBC News that Secret Service agents opened fire on a person they thought was holding a weapon outside the fence line of Trump’s golf course in West Palm Beach, Florida, where the Republican presidential nominee was playing.

According to the officials, one person is currently in custody, and an AR-style rifle was found.

The former president was quickly taken to a secure area as a precaution after hearing gunfire, “I would characterize the suspect’s demeanor as having a relatively calm, flat affect,” Martin County Sheriff William Snyder told reporters.

The suspect was being held on Interstate 95, a road close to Trump’s golf club, which was temporarily closed after gunfire. “He was not displaying a lot of emotions, never asked, ‘

What is this about?'”. Snyder said that when police stopped the suspect’s car and removed him from it, they did not search it. The suspect was unarmed. The sheriff anticipated the Federal Bureau of Investigation would get an order to search the vehicle. Authorities are still unsure about the shooter’s aim and whether any shots were fired.

According to Standard Chartered, bitcoin will end 2024 at all-time highs regardless of the presidential winner. However, if Donald Trump wins, the cryptocurrency will soar much higher. the British-based bank predicts that Bitcoin may hit $125,000 by year’s end.

U.S Fed meeting takes the spotlight 

Meanwhile, the Federal Open Market Committee (FOMC) meeting on Wednesday, is expected to mint the first interest rate reduction since 2020. There is still disagreement among observers regarding the cut’s size; according to the CME FedWatch Tool, the odds are nearly equal between a 25 basis point cut and a bigger 50 bps cut. Lingering fears of an impending recession continue to weigh on the market, despite the possibility of looser monetary policy, which is advantageous to risk assets.