It is also probable that traders will migrate to assets with lower volatility, such as the Swiss franc and gold, in the aftermath of the attack.
On Saturday, at a campaign event in Butler, Pennsylvania, former US President Donald Trump was the target of an attempted murder, which has put buyers on edge till Monday.
Traders are likely to prioritize investments with lower volatility, such as gold, during periods of political and economic uncertainty. However, some are also interested in Bitcoin.
The assault resulted in a significant increase in the value of Bitcoin, which reached over $60,000. The assassination attempt resulted in the death of one spectator and the critical injuries of two others who were present at the rally. Trump is unharmed following the shooting, and the U.S. Secret Service has announced that the putative gunman, 20-year-old Thomas Matthew Crooks, has passed away, as per a press release. Speaking at the Republican National Convention in Milwaukee this week, Trump remains scheduled to deliver his remarks.
For a variety of reasons, traders likely gravitated toward Bitcoin, which trades continuously and was just below $60,000 at the time of publication. It is probable that some individuals are hoping that the assassination attempt will increase Trump’s likelihood of winning the U.S. presidential election in November. As an immediate response to the political instability, others may have turned to Bitcoin.
Trump has identified himself as a “crypto candidate” this election year and has expressed his willingness to accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. President Joe Biden has also expressed his willingness to consider crypto donations. Despite the fact that Trump’s stance on cryptocurrency is a substantial departure from his previous declaration that Bitcoin was “a fraud against the U.S. dollar” a few years ago, he has garnered a growing amount of support from cryptocurrency leaders and members of the community in anticipation of the November vote.
Traders are anticipated to shift their focus to “safe-haven” assets, such as the Swiss franc and gold, beyond the crypto markets, as they are less susceptible to economic and political instability.
In an interview with Yahoo! Finance, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, predicted that the events of the previous weekend will likely result in heightened volatility in both the stock and bond markets on Monday. We anticipate that there will be a flight to secure havens such as the Swiss franc and gold. As a consequence of the knee-jerk reaction to safety, Bitcoin has responded favorably to the news.
An additional asset that individuals may be monitoring is Trump Media stock. At the time of publication, the stock was up just over 1% in after-hours trading on Sunday, and it has been extremely volatile since its debut in late March.
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