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Home News Crypto

Bitcoin Soars to $62K After Trump Assassination Attempt Sparks Market Frenzy

by Team Lumida
July 15, 2024
in Crypto
Reading Time: 3 mins read
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Photo by Scottsdale Mint on Unsplash

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Key Takeaways

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  1. Bitcoin surged 7% to $62,500 after Trump’s assassination attempt.
  2. Trump’s pro-crypto stance is driving market optimism and increased volatility.
  3. Treasury futures hint at higher yields, impacting broader financial markets.

What Happened?

Bitcoin surged 7% to $62,500 following an assassination attempt on pro-crypto presidential candidate Donald Trump. This event has boosted his election odds to 70% on Polymarket. Trump’s renewed crypto-friendly stance aims to attract the single-issue crypto community. As a result, Bitcoin surpassed the crucial 200-day simple moving average, signaling positive momentum. Trump-themed Polifi tokens have also seen a surge.

Why It Matters?

Trump’s pro-crypto position has made Bitcoin and the broader crypto market bets on his potential election victory. Greg Magadini from Amberdata noted, “Trump being the pro-crypto president should help galvanize the cryptocurrency bids.” This political shift could lead to a friendlier regulatory environment for cryptocurrencies, encouraging more institutional and retail investment. Additionally, Trump’s stance on China and Mexico has influenced the Chinese yuan and Mexican peso, which traded lower against the U.S. dollar.

What’s Next?

Watch for further market movements tied to Trump’s campaign and any additional endorsements or policy announcements related to cryptocurrencies. Trump’s upcoming speech at the Bitcoin 2024 conference on July 27 could provide more insights. Treasury futures indicate higher yields, suggesting a potential steepening of the yield curve, which historically leads to risk aversion in financial markets. Keep an eye on how these economic indicators develop as the election approaches, particularly in relation to trade policies and budget deficits.

Source: Coindesk
Tags: BitcoinDonald TrumpPolymarket
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018