2024-07-16 14:02:56
It fell to $53,000, up 20% in ten days.
Trump’s Re-election Chances Soar After Attack
The price of one Bitcoin, which had fallen to the $53,000 range, has surged more than 20% in ten days, breaking through the $64,000 mark.
As former US President Donald Trump, who calls himself the ‘cryptocurrency president’, raised his chances of re-election following the shooting, expectations appear to have been reflected in the market.
According to CoinDesk US on the 15th (local time), as of 8:27 PM Eastern Time, the price per Bitcoin was trading at $64,626.04 (approximately 89.62 million won). This is a sharp increase of 6.21% from 24 hours ago.
Bitcoin plunged below $60,000 on Tuesday after Japanese cryptocurrency exchange Mt. Gox made moves to start repaying its creditors earlier this month.
Afterwards, it fell to the $53,000 level on the 5th and then rose again due to expectations of a rate cut by the Federal Reserve (Fed).
In particular, after the ‘TV debate disaster’, President Joe Biden’s approval rating plummeted amid controversy over his cognitive abilities, and in return, the approval rating of former President Trump, who had declared a pro-cryptocurrency policy, soared, leading to expectations in the cryptocurrency market as well.
After former President Trump was hit on the 13th and was seen clenching his fist and shouting “let’s fight,” there is speculation that the possibility of him winning the US presidential election in November has increased, leading to a sharp rise in the price of Bitcoin.
The price of Bitcoin, which was around $58,000 just before the actual shooting, jumped about 9.5% 32 hours later.
Former President Trump criticized cryptocurrencies like Bitcoin during his presidency, saying they were unrealistic, but he has since changed his stance 180 degrees. His campaign is now admitting to cryptocurrency donations.
The Republican Party has also reflected Trump’s change of position by promising in its election platform to “end the Democratic Party’s illegal and un-American crackdown on cryptocurrencies.”
“The increased likelihood of a Trump victory means there is greater certainty about the outcome of the U.S. presidential election, which is good for riskier assets like bitcoin,” Martin Lineweber, MarketVector’s head of digital asset research and strategy, told MarketWatch.
He added, “Trump is perceived as being more friendly to the cryptocurrency industry than Biden.”
In fact, former President Trump’s campaign began accepting donations in cryptocurrency in May, and former President Trump reportedly met with executives from cryptocurrency mining companies and promoted himself as the “cryptocurrency president.”
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2024-07-16 14:02:56