Why Bitcoin is gaining after Donald Trump shooting

By Vivek Dubey By Vivek Dubey CNBC-TV18.com CNBC-TV18.com Published July 14, 2024 Published July 14, 2024

Following speculation on Donald Trump's election prospects post an 'assassination attempt,' Bitcoin surged over 3.6% as markets favour his pro-cryptocurrency stance. Other cryptos also saw gains.

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Markets speculate that the odds of Donald Trump winning the 2024 US Presidential election have improved significantly after the ‘assassination attempt’.

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This has led to a sharp rally in Bitcoin because the Republican candidate Trump had promised support for cryptocurrencies.

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Bitcoin prices have jumped over 3.6% in the last 24 hours. Other cryptocurrencies also gained value.

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Dogecoin, Solana, XRP and many others have gained close to 5% or more in the last 24 hours, according to data from Coinmarketcap.

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However, investors must watch out for the cloud of volatility in the markets despite the latest rally.

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Typically, an incident like assassination attempts on world leaders are likely to trigger a risk aversion in the markets.

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Cryptocurrencies are among the riskiest bets. So, despite the initial rush to Bitcoin and other cryptos, the market mood may weigh on their value in the near term.

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Money is more likely to move to gold and the US dollar, which are considered to be safer assets.

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Subsequently, stocks and other asset classes linked to Trump may witness buying.

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