United States – The price of the most prominent cryptocurrency, Bitcoin, rose by 4 percent in early trading on Sunday, before reducing the gains to 2 percent following the announcement of an assassination attempt on Republican presidential candidate Donald Trump.
On Sunday morning, former US President Donald Trump was shot while giving a speech at an election rally in Pennsylvania, and his injuries were described as minor.
By 04:00 GMT, Bitcoin prices had risen 4.01 percent, or $2,390, to $60,621, compared to Saturday’s close, before paring gains to $59,600 by 14:20 GMT.
Cryptocurrency markets operate 7 days a week, unlike global financial markets that operate 5 days a week, while they were on a weekly holiday when the assassination attempt occurred, which justifies the rise in Bitcoin due to the absence of markets for gold, which is considered a safe haven in the event of tensions.
Trump said following the shooting incident, “I am fine and undergoing medical tests.” Gunshots were heard during Trump’s speech, and blood was seen on his ear.
** Supported cryptocurrency
Bitcoin also surged following videos showed the Republican candidate suffering a minor injury, making him the first US president to back cryptocurrencies since they emerged in 2008.
The most important thing that happened on Sunday is that financial market analysts began talking regarding the gains that Trump made following the assassination attempt, which may be an additional card that will bring him closer to the White House once morest his Democratic rival, Joe Biden.
The hypothesis of Trump’s victory is considered positive for the cryptocurrency market, due to the acceleration of his statements in support of the crypto industry, and his intention to attend a Bitcoin mining conference later this month.
** Gold is on the rise
The assassination attempt came as global financial markets were on a weekend break, and were set to reopen on Monday morning, meaning that commodity and currency markets might open in confusion.
While spot gold prices are hovering around $2,411 per ounce at Friday’s close, yellow metal investment funds are preparing for a price rise at the start of Monday’s session.
What explains the funds’ expectations of a rise in gold prices is that Bitcoin was almost the only safe haven on the day of the assassination attempt, among the investment assets of commodities and indices, while the rest were on a weekly holiday.
As long as Bitcoin has risen strongly, gold prices – according to fund managers – expect a temporary rise in Monday’s session, but the continued rise in the yellow metal’s prices will remain subject to developments in the assassination attempt.
** Dollar Index
Not only gold may record an increase at the beginning of Friday’s session, but traders are also anticipating a rise in the US dollar index, because the US currency will follow gold as a safe haven.
The dollar index rises with increased demand for it in the event of any geopolitical risks, which applies to the attempted assassination of a candidate for the US presidential elections.
** Assassinations
There have been at least 15 direct attacks on U.S. presidents, presidents-elects, and presidential candidates; five of them resulted in deaths, according to the Congressional Research Service.
The most recent attack on a president was in 1981, when Ronald Reagan, who was in office, was seriously wounded outside the Washington Hilton Hotel.
That year, he was shot by John W. Hinckley Jr., who was found innocent following being declared insane but remained under institutional psychiatric care for more than 30 years.
The most notable attack was in 1963, when John F. Kennedy, who had been in office for more than two years, was killed by Lee Harvey Oswald in Dallas; Americans still have questions regarding his assassination.
Five years later, John F. Kennedy’s brother, Robert F. Kennedy, a presidential candidate and U.S. senator, was shot and killed in Los Angeles.
Anatolia
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2024-07-16 00:58:42
