Will Donald Trump Attack Set the Stage for Next Bitcoin Bull Run?

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As a researcher with a background in finance and experience following the cryptocurrency market closely, I believe that yesterday’s assassination attempt on former US President Donald Trump could indeed trigger a Bitcoin bull run. The crypto market has historically reacted positively to pro-Trump news due to his supportive comments about cryptocurrencies. Furthermore, the failed attack on Trump has improved his odds of becoming the next US President according to PredictIt data, which is further fueling excitement in the market.

Following the unsuccessful assassination attempt on Donald Trump on July 13, Bitcoin and the cryptocurrency market experienced a significant surge. The price of Bitcoin reached an all-time high of $60,000. Additionally, altcoins also showed impressive gains with some top altcoins experiencing rallies of up to 4-5%.

Donald Trump Attack Can Trigger Bitcoin Bull Run

At a recent political event in Pennsylvania, Former US President Donald Trump was unexpectedly struck in the ear. Despite this surprising incident, Trump’s condition was reported as good by his campaign team. He is expected to participate in the Republican National Convention commencing on Monday.

Yesterday’s attack on the Democratic National Committee (DNC) emails has boosted Donald Trump’s chances of winning the presidency according to PredictIt data. This development is being met with excitement in the crypto market, as evidenced by today’s price surge.

Based on his earlier confirmation, I, as a researcher, was looking forward to Donald Trump’s attendance at the Bitcoin 2024 Conference this coming July. Nevertheless, I, along with Satoshi Street, would be keenly anticipating more specific information about his participation following the recent disturbance.

In conjunction with Bitcoin and various other alternative coins, the TRUMP Meme token has experienced a significant surge of over 60%, reaching a value of $10 earlier today. Additionally, its market capitalization has exceeded $415 million. Moreover, the daily trading volumes have seen an extraordinary increase of approximately 1000% following the recent assault.

As the elections draw near, the cryptocurrency world has predominantly responded favorably to Trump’s pro-crypto rhetoric, fueling optimism and resulting in market upticks. Surviving an assassination attempt, an unexpected turn of events considered positive for Trump, has further instigated bullish tendencies within the crypto sphere.

BTC Or Safe Haven Assets?

According to a Bloomberg article, traders may first move towards securing safer investments in response to the report. Later on, they will scrutinize the traders linked with Donald Trump’s campaign. As shared with Bloomberg, Nick Twidale, the chief market analyst at ATFX Global Markets, voiced this perspective.

It’s highly likely that protective measures or safe-haven trends will emerge in Asia during the early hours. I would guess that gold may reach new record highs as a result, while the yen is expected to be in demand and the dollar could experience outflows. Additionally, there might be an increase in investments in US Treasuries.

Some analysts suggest that following the unsuccessful attempt on Trump, the spotlight may move towards securities and other assets such as Bitcoin and cryptocurrencies, which are particularly sensitive to his policies and could potentially experience gains in a risk-on market environment.

On Mondays, traders will keep a keen eye on market signs indicating potential volatility. Particularly noteworthy will be indicators linked to the Chinese yuan, which is sensitive to tariffs and starting to take into account the forthcoming US election.

Despite reaching a new high of $60,000 for Bitcoin, the bulls must achieve a clear surge beyond the 200-day moving average to pave the way for another bull market rally.

Trading Bitcoin beneath its 200-day simple moving average is a sign that caution is needed. The potential decline could intensify, so it’s best to be patient and wait for a consistent close above this benchmark before considering that the uptrend in Bitcoin’s price has resumed.

— Ali (@ali_charts) July 14, 2024

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2024-07-14 13:02