Bull Trend Pushes Bitcoin above $60K. How Is the Trump Assassination Attempt Connected?
Analysts across the internet are saying the same thing- Bitcoin (BTC) is soaring today because of crypto optimism fueled by the attempt on former president Donald Trump’s life.
As cynical as that may be, the news story is potentially the largest driving factor behind the price surge. We have already written on this site about Trump’s strong support for crypto and Bitcoin in particular. He is known in the industry as the pro-crypto candidate. After an attempted assassination attempt on his life at a campaign rally on Saturday, the investor theory that is floating around is that Trump has now garnered a lot of goodwill and support that could push him to the presidency.
How valid that is remains to be seen. We may only see public sentiment in his favor for a short while in this age’s 24-hour news cycle. Trump may make a misstep soon that will negate any goodwill he received from surviving an attempt on his life.
Where Is Bitcoin at Now?
What kind of effect has the assassination attempt had on Bitcoin? The token has rallied by 3.99% today, and it climbed 5.26% the day after the shooting. Bitcoin is now at $62,248 (BTC/USD) and climbing.
Its current position is higher than the coin has achieved since the beginning of the month, and its price surge is the largest one in about two months. Bitcoin could definitely be heading to a much higher price point in the near future, but it could also slow down as the news cycle moves on and interest in the event fades away.
We could also see some pressure from price devaluation caused by more Mt. Gox payouts, as well as economic pressure from high inflation. As high as Bitcoin is trending right now, that could change very quickly, and we would not peg this token as a sure thing at the moment.
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