Trump Attack Spurs Bitcoin Surge to $63k as Election Odds Shift

The recent weekend attack on pro-crypto presidential candidate Donald Trump is expected to galvanize interest in cryptocurrencies. Assets tied to Trump's chances of winning the November 4 election have shown renewed volatility following the attempted assassination of the former president on Saturday.

Bitcoin (BTC) has surged 7.5% to $63k since the attack, bolstering the pro-crypto candidate's election odds to 70% on Polymarket. The leading cryptocurrency by market value has also surpassed the crucial 200-day simple moving average (SMA), indicating a positive trend for momentum traders, according to CoinDesk data. Trump-themed Polifi tokens, which merge politics and finance, have similarly surged.

In recent months, Trump has shifted his stance to embrace cryptocurrency, aiming to outmaneuver his rival, Joe Biden, and appeal to the crypto community seeking friendlier regulatory conditions. Consequently, bitcoin and the broader crypto market have become seen as bets on Trump's victory. The former president is scheduled to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.

The most significant news over the weekend was the assassination attempt on Trump, an event that has notably increased the odds of his presidency. Given Trump's pro-crypto position, this development is expected to further stimulate interest in cryptocurrency investments.