Bitcoin breaks above $63,000 after Trump survives assassination attempt

Bitcoin BTC +4.42% ’s value rebounded to break the $63,000 level early Monday morning after pro-crypto former U.S. President Donald Trump survived the assassination attempt during his rally on Saturday.

Bitcoin is currently trading at $63,008, having risen 4.41% in the past day, according to The Block’s bitcoin price page . The wider cryptocurrency market also grew in value in the last 24 hours. Ether added 4.99% to $3,366, and Solana grew 5.75% to $153.72. Also, over the past day, the whole crypto market is up 4.17%.

“Trump survived an assassination attempt over the weekend, which the market interprets as significantly increasing his chances of winning the future election,” said Ryan Lee, chief analyst of Bitget Research. 

In the past few months, the presumptive Republican Party candidate for the upcoming presidential election has proclaimed his advocacy for the local blockchain and cryptocurrency sector. Trump’s campaign accepts cryptocurrency donations, and has vowed to support bitcoin mining in the White House. 

The former U.S. President's Trump Media and Technology Group Corp. stocks jumped 64.4% in pre-market trading on Monday after his gunshot survival became one of, if not the most, significant news events of the weekend around the world.

Trump, even after the shooting incident, said that he remains committed to speaking at the Bitcoin 2024 conference in Nashville later this month, the organizer said on X on Sunday.

Decentralized prediction market platform Polymarket’s bet on the winner of the U.S. presidential election shows that 71% of users bet on Trump’s victory — up from about 60% around the time of the shooting incident. Chances for President Joe Biden to win stood at 18% on the same platform.

Last Friday, the German government sold and emptied out its crypto wallet after continuous bitcoin transfers to wallets on Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW and others, according to Arkham Intelligence data. The transfers appear to be linked to Germany’s plan to sell 50,000 bitcoins it confiscated from an illegal film piracy platform.

The news of the German government’s plan added selling pressure to the bitcoin market, along with Mt Gox’s payout of $9 billion worth of bitcoin repayment to creditors. Such market pressure led bitcoin to fall to lows of under $54,000 earlier this month.

Last week, Bitwise CIO Matt Hougan said the crypto industry has key tailwinds that could bring bitcoin up to $100,000 by year-end, which are positive changes in the political attitude toward crypto in the U.S., upcoming interest rate cuts by the Federal Reserve, and the strong growth in the stablecoin market.