Bitcoin at two-week high due to Trump effect

Bitcoin rose above the $62,000 level on the first day of the week following the armed attack on former US President Donald Trump.

Hurriyet.com.tr / Economy Service

Bitcoin surged to a two-week high on Monday following the assassination of former US President Donald Trump on Saturday, as markets priced in crypto-friendly candidate Donald Trump’s chances of winning the US presidential election.

According to CoinGecko, the value of Bitcoin, the world’s largest cryptocurrency, increased by about 5 percent to $62,781 as of 15:40.

“The price of Bitcoin is up nearly 9% over the weekend,” Zach Pandl, head of research at Grayscale Investments, told CNBC. “This could be a sign that investors expect a Trump presidency to create a more favorable regulatory environment for the crypto industry.”

Trump has yet to offer detailed proposals for cryptocurrency regulation, but the Republican nominee now appears to be broadly supportive of the industry. He is expected to speak at a major annual bitcoin conference later this month.

Standard Chartered analysts said last month that the US presidential election would be the next major catalyst for Bitcoin’s price, and that if Trump wins, the price could rise to $150,000 by the end of the year.