At the same time, Trump is increasingly supportive of the crypto industry to win voter support, which means that cryptocurrencies may become the new 'Trump trade'.
According to the app 'Zhitong Finance', after the shooting of Trump, Bitcoin hit 610,000 US dollars on Monday, due to market speculation that the Republican presidential candidate who supports cryptocurrencies is likely to win the US election. According to CoinDesk's data, as of press time, Bitcoin rose 3% to $61,474.77, a high point in more than a week.
At a campaign rally in Pennsylvania last Saturday, Trump survived an assassination attempt. Some analysts predict that sympathy and anger over the attack on Trump may spur support for him. In the financial markets, investors generally believe that the attack on Trump may be one of the most important turning points in the US election, which comprehensively reinforces Trump's image as a political leader, especially in the hearts of his supporters, where he is regarded as one of America's historical heroes. Even in the eyes of some Republican supporters, Trump's escape from bullets 'under God's favor' means that he is the only choice for the next president.
Currently, it is expected that as the possibility of Trump winning the election increases, the so-called 'Trump trade' will gain more momentum. The consensus among traders and strategists is that Trump's election will stimulate inflationary combination trades that benefit from loose fiscal policies and greater protectionism--the dollar strengthens, US bond yields rise, and banks, medical care, and energy stocks rise.
At the same time, Trump is increasingly supportive of the crypto industry to win voter support, which means that cryptocurrencies may become the new 'Trump trade' popular symbol. Last week, the organizers of the 2024 Bitcoin conference revealed that Trump will give a speech at the main stage of the 2024 Bitcoin conference in Nashville, Tennessee on July 27. This speech will highlight his growing support for the crypto industry.
It is reported that Trump is increasingly emphasizing Bitcoin in his campaign. Last month, Trump met with some digital asset miners and later posted on his Truth Social account, stating that Bitcoin mining may be 'our last line of defense against CBDC (central bank digital currency)'. Trump added that he hopes all remaining Bitcoins are 'Made in America!!' In addition, Trump's campaign team accepts crypto asset donations.
The crypto industry is trying to support presidential candidates who are seen as supportive of the industry, including providing large donations. The industry seeks to become an influential participant in the 2024 election, in part to counter regulatory crackdowns led by the US Securities and Exchange Commission (SEC).
Tony Sycamore, a market analyst at IG Australia Pty, said in a report that after the assassination attempt increased the chances of Trump winning, Bitcoin 'has gained momentum'.