Bitcoin’s (BTC) price has risen nearly 5% and reached a two-week high following the failed assassination attempt of crypto-friendly presidential candidate Donald Trump.
Futures traders have raised their odds that Trump will be re-elected U.S. president this November, which would be a positive development for cryptocurrencies.
Trump continues to speak positively about cryptocurrencies, accepts political donations in Bitcoin, and is scheduled to speak at a crypto conference later this month.
Consequently, Bitcoin’s price is up 4% and trading around $62,500 U.S. after a gunman wounded but failed to kill Trump at a political rally held on July 13.
Analysts say that cryptocurrency is likely to be an asset class that benefits from a so-called “Trump victory trade” following the failed assassination attempt.
Stocks of cryptocurrency exchanges and miners are also up in pre-market trading today (July 15), with shares of Coinbase Global (COIN) and Riot Platforms (RIOT) each rising about 5%.
Trump has yet to set out any detailed proposals regarding cryptocurrency or regulation of the sector, but he is viewed as being more supportive of digital assets than current U.S. President Joe Biden.
In recent weeks, Trump has criticized efforts by some lawmakers in the U.S. Congress to try and regulate cryptocurrencies, as well as the U.S. Securities and Exchange Commission (SEC).
Trump is reportedly still planning to speak at a major Bitcoin conference later in July.
The price of Bitcoin has now risen 42% on the year and is climbing higher after a slump that came after a halving event in April reduced the available supply of the largest crypto by 50%.
