Markets
Why Bitcoin and Other Cryptocurrencies Are Booming After Trump Assassination Attempt
THE assassination attempt Former President Donald Trump’s speech at a campaign rally in Butler, Pennsylvania, on Saturday appears to have boosted Bitcoin and other cryptocurrencies.
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Bitcoin has risen more than 10% in a week and more than 5% in a day, reaching around $63,000 on Monday morningJust a few days ago, the most important cryptocurrency was hovering around $55,000 while Now-defunct crypto exchange Mt. Gox has started paying back billions of dollars worth of Bitcoin to its creditorswhich led to a massive sale by creditors.
The assassination attempt on the former president is seen as boosting the Republican candidate’s chances of winning the presidential election. The crypto community is excited because they believe it would be beneficial for Trump, who ran as recently favorable to cryptocurrenciesI selected.
Other cryptocurrencies have followed in Bitcoin’s footsteps, with Ether, the second-largest cryptocurrency by market cap, soaring more than 10% in the past week, with a jump of more than 5% in one day, traded at $3,300. Other major cryptocurrencies like Solana and Dogecoin saw a 5.4% and 4.8% increase in value, respectively, in one day.
Several cryptocurrencies dedicated to Trump or the Republican Party have also seen increases. One of them, TrumpCoin (DJT), has increased in price in the last few daysThe cryptocurrency is not affiliated with Donald Trump, despite false claims from disgraced individuals. Martin Shkreli, the “Pharma Bro,” who says he and Barron TrumpDonald Trump’s 18-year-old son, are behind the crypto. TrumpCoin has soared by nearly 25% over the past seven days and is currently trading at $0.008964.
Bitcoin Spot ETFs See Inflows
In addition to the Trump-related momentum, Bitcoin is seeing a surge because investors have poured money into it. spot Bitcoin ETFs in recent days. According to Other sideBitcoin spot ETFs have seen consecutive inflows since July 5, with over $310 million in inflows on July 12 alone.
BlackRock’s IBIT saw $120 million in inflows, the highest among all spot Bitcoin ETFs, followed by Fidelity’s FBTC, which saw $115 million in inflows. Grayscale’s GBTC, which has a history of outflows, also attracted investors with $23 million.