Markets
Why Bitcoin and Other Cryptocurrencies Are Surging After Trump Assassination Attempt
THE attempted murder on former President Donald Trump during a campaign rally in Butler, Pennsylvania, on Saturday, apparently gave a boost to Bitcoin and other cryptocurrencies.
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Bitcoin has risen by more than 10% in a week and by more than 5% in a day, reaching around $63,000 Monday morningJust a few days ago, the leading cryptocurrency was hovering around $55,000 while The now-defunct cryptocurrency exchange Mt. Gox has begun reimbursing its creditors billions of dollars in Bitcoinleading to a massive sell-off by creditors.
The assassination attempt on the former president is seen as an increase in the chances of the Republican candidate winning the presidential election. The cryptocurrency community is excited because they believe it will be beneficial if Trump, who presented himself as recently in favor of cryptocurrenciesI have selected.
Other cryptocurrencies have followed in Bitcoin’s footsteps, with Ether, the second largest cryptocurrency by market cap, rising more than 10% in the past week, with a one-day jump of more than 5%. traded at $3,300. Other major cryptocurrencies such as Solana and Dogecoin have seen an increase in value of 5.4% and 4.8% respectively, in just one day.
Several cryptocurrencies dedicated to Trump or the Republican Party have also seen spikes. One of them, TrumpCoin (DJT), It has increased in price in the last few daysCryptocurrency is not affiliated with Donald Trump, despite false claims by disgraced individuals “Pharma Bro” Martin Shkreli who he and Barron TrumpDonald Trump’s 18-year-old son is behind cryptocurrency. TrumpCoin has skyrocketed nearly The stock has seen a growth rate of 25% in the last seven days and is currently trading at $0.008964.
Spot Bitcoin ETFs Are Seeing Inflows
In addition to the Trump-related momentum, Bitcoin is seeing a surge as investors have poured money into Bitcoin ETF Spots in the last few days. According to Far sideSpot Bitcoin ETFs have seen consecutive inflows since July 5, with over $310 million in inflows on July 12 alone.
BlackRock’s IBIT saw inflows of $120 million, the highest among all spot Bitcoin ETFs, followed by Fidelity’s FBTC, which saw inflows of $115 million. Grayscale’s GBTC, which has a history of outflows, It has also attracted investors with $23 million.