• Bitcoin surged to over 4%, reaching $63,000 after an assassination attempt on Donald Trump.

• The global crypto market cap increased by 4%, with Bitcoin’s year-to-date gains now at 47%.

Bitcoin has once again breached the $60,000 mark, marking a significant recovery after over a week below this critical threshold. Additionally, it surged to a two-week high on Monday following an attempted assassination of U.S. presidential candidate Donald Trump. This occurrence has raised more questions about his possible comeback to the White House, especially after it influenced the cryptocurrency markets. Donald Trump, who has been an advocate of cryptocurrency, was reported to have been shot in the ear during a rally in Pennsylvania on Saturday.

In a tweet, he said that he is on the right path of recovery. This attack has increased investor sentiment, with many speculating that it could improve Trump’s chances of winning the upcoming electoral race against Democratic President Joe Biden. Trump has criticized Democrats’ efforts to regulate the crypto sector and has positioned himself as a pro-crypto candidate at a fundraiser in San Francisco in June

Political Events Fuel Market Movements

The assassination attempt on the former President of the United States, Donald Trump, has radically changed the political environment and influenced investors’ perception of the markets and their dynamics. Bitcoin’s price increase is another reaction to this event, which confirms how geopolitical events affect the cryptocurrency market.

Bitcoin experienced a 4.62% rise in the last 24 hours, with the intraday high hitting $63,070. In the last 24 hours, the global crypto market capitalization also went up by 4.10% to stand at $2. 31 trillion. This surge alone takes Bitcoin’s year-to-date gains to forty-seven percent. Ether also rose, gaining 6. 8% to $3,368.

The total crypto market cap also saw a lot of liquidations, with $83 million worth of crypto derivatives positions being liquidated. This included about $59. 41 million in short positions and $30. 48 million, in particular, in BTC shorts. 

Election Impact on Bitcoin’s Bull Cycle

The upcoming US presidential election also seems to be one of the major drivers for the current Bitcoin cycle. Political activities are playing a significant role in the market, and Bitcoin’s recent price rise is a clear example of this. With the election period moving closer, Bitcoin may be able to show how markets respond to political events. 

Tony Sycamore, a market analyst at IG, noted, “Trump’s positioning as pro-crypto and the galvanizing effect of the shooting have provided a substantial boost to crypto markets, with Bitcoin being a standout.”

Bitcoin began the year well and hit a high of $73,803 in mid-March, soon after the launch of Bitcoin-linked exchange-traded funds in the US, but then dipped after news about the failed Japanese exchange Mt. Gox. The market dropped to its lowest point since March in early July; however, current events indicate a possible recovery. 

Additionally, Trump is expected to address the Bitcoin 2024 conference in Nashville, Tennessee, on the 27th of July, according to the event organizers. This appearance is expected to have an impact on the market sentiment and the investor’s behavior as well.