The cryptocurrency market has seen a significant surge in the past 24 hours, with Bitcoin (BTC) reaching an all-time high of over $62,500. This increase can be attributed to the weekend’s events, including a failed assassination attempt on former President Donald Trump. As a result, the probability of Trump winning a second term in November has jumped to an all-time high.
Market Movement
At the time of writing, Bitcoin is priced at $62,476, representing a 3.95% increase in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen by 3.32%. This significant movement indicates that investors are increasingly confident in Trump’s chances of winning the presidency.
Polymarket Predictions
Traders on Polymarket have placed bets on the outcome of the election, with ‘Yes’ shares in the contract on whether Trump will win the presidency climbing 10 cents to 70 cents. This represents a 70% chance that Trump will prevail in November’s election. Each share pays out $1 if the prediction comes true and zero if not.
Meme Tokens Surge
Several meme tokens have seen significant price increases following the shooting incident at the Pennsylvania rally. MAGA, for example, has risen 34% on a 24-hour basis to $8.38, according to CoinGecko data. The satirical TREMP added 67% to $0.6471, while BODEN, a joke asset named after President Joe Biden, slipped about 15% over 24 hours to $0.0333115.
Alexey Pertsev Denied Bail
In other news, Alexey Pertsev, the co-founder and developer behind Tornado Cash, was denied bail by a Dutch court on Friday. Pertsev’s lawyers were seeking bail to allow the Russian to prepare for his appeals process. However, the court ruled that continuing his detention would not obstruct his possibility of preparing his defense.
Background on Pertsev Case
Pertsev was found guilty of money laundering by a Dutch judge at the s-Hertogenbosch court in May and handed 64 months prison time by the court. The verdict sent shock waves within the community, with several individuals expressing outrage. The case has been described as the most pivotal legal case in crypto.
Why Trump’s Chances Matter
Trump’s election prospects have become a metric for the cryptocurrency market. As he is perceived to be more pro-crypto compared to President Biden, investors are closely watching his chances of winning a second term. A Trump victory would likely lead to increased adoption and regulation of cryptocurrencies, which could positively impact prices.
Chart of the Day
BTC/USD (CoinGlas)
As seen in the chart above, BTC has surged past $62,500, breaking through previous resistance levels. This significant price increase indicates that investors are increasingly confident in Trump’s chances of winning the presidency.
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Additional Reading
For those interested in learning more about the cryptocurrency market and its movements, we recommend checking out our latest articles:
- The Future of Cryptocurrency Regulation: A comprehensive guide to the current state of cryptocurrency regulation and what’s on the horizon.
- The Rise of Decentralized Finance (DeFi): An in-depth look at the growth of DeFi and its potential impact on traditional finance.
By staying informed about the latest developments in the cryptocurrency market, investors can make more informed decisions and stay ahead of the curve.
