Bitcoin surges to 2-week high after attempted assassination of Trump raises his odds of winning U.S. election

Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%.

Bitcoin soared to a two-week high on Monday as the attempted assassination of U.S. presidential candidate Donald Trump raised the odds of the former president, who has touted himself as a champion of cryptocurrency, winning the upcoming election.

Trump said he was shot in the ear during the attack at a rally in Pennsylvania on Saturday. His campaign said he was doing well. Some investors said the attack bolstered his chances of winning back the White House, and trades betting on his victory are set to increase this week.

Bitcoin rose 8.6% to $62,508, having hit a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%.

Ether also rose 6.8% to $3,322.

Trump is running against Democratic President Joe Biden in the U.S. election in November and has slammed Democrats' attempts to regulate the crypto sector.

Trump touted himself as a champion for cryptocurrency during a San Francisco fundraiser in June, though he did not offer specifics on his proposed crypto policy.

"He's certainly positioned himself as pro-crypto, and as the odds of his reelection were boosted by the shooting over the weekend, it's certainly put a big bid in the crypto markets and bitcoin in particular, standing out," said Tony Sycamore, a market analyst at IG.

Trump is set to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.

Bitcoin had a strong start to the year following the launch of exchange-traded funds in the U.S., which propelled it to a record $73,803.25 in mid-March, but it has since struggled.

It fell to a over four-month low in early July as traders worried about the likely dumping of tokens from defunct Japanese exchange Mt. Gox.

"We had four weeks of declines on the back of the Mt. Gox news ... but the rebound, it looks to me like it's got further to go, and I wouldn't be surprised seeing it head back up towards, at least towards $65,000 by the end of this week," said IG's Sycamore.

(Ankur Banerjee and Rae Wee in Singapore; Editing by Christian Schmollinger)

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