Following the failed attack on Donald Trump on July 13, the cryptocurrency market experienced a significant boost. Bitcoin surged to $60,000, and many altcoins saw a 4-5% increase. The TRUMP meme coin, MAGA, saw a 60% rise, reaching a market cap of $415 million.
Bitcoin Bull Run Triggered by Trump
During a rally in Pennsylvania, former President Donald Trump was shot in the right ear but narrowly escaped serious injury. His campaign confirmed that he is “fine” and will attend the Republican National Convention starting Monday. This incident has improved Trump’s odds of winning the presidency, according to PredictIt data, and the crypto market is responding positively.
Trump’s Crypto Support
Trump has expressed support for cryptocurrency, planning to attend the Bitcoin 2024 Conference later this month. The market is eagerly awaiting more details following the attack. The MAGA coin’s price surged by 60%, with its market cap crossing $415 million and daily trading volumes up 1000%.
Safe Haven Assets and Market Shifts
According to Bloomberg, traders initially moved to safe-haven assets like gold, yen, and Treasuries. However, some market analysts believe the focus will soon shift back to risk-on assets like Bitcoin and other cryptocurrencies due to their association with Trump’s policies.
Monitoring Market Indicators
Traders are closely watching market indicators for expected volatility, especially those related to the Chinese yuan, as the US election approaches. Despite Bitcoin’s rise to $60,000, a decisive breakout above the 200-DMA is needed for the next bull run.