Bitcoin Rises Above $62.5K Following Trump Shooting

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Bitcoin has surged above $62,500 following the weekend attack on Donald Trump, which appears to have boosted the former president’s chances of winning a second term in November. Trump’s election prospects have become a benchmark for the cryptocurrency market, as he has proven himself as the pro-crypto candidate compared to President Joe Biden. BTC has gained more than 7% since the failed assassination attempt in Butler, Pennsylvania. At press time, it was priced at $62,476, up 3.95% in the past 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), is up 3.32%.

The likelihood of Donald Trump retaking the White House hit an all-time high on Saturday following the Pennsylvania rally shooting, according to Polymarket investors. Shares of the “Yes” vote in Polymarket’s contract on whether Trump will win the presidency rose 10 cents to 70 cents after the incident, meaning the market now sees a 70% chance of him winning the November election. Each share pays $1 if the prediction is correct, and zero if it’s not. Meme tokens named after Trump also surged after the shooting. MAGA, for example, rose 34% to $8.38 on a 24-hour basis, according to CoinGecko data, and the satirical TREMP rose 67% to $0.6471. BODEN, a joke asset named after Biden, fell about 15% in 24 hours to $0.0333115.

Alexey Pertsev, the co-founder and developer of Tornado Cash, was denied bail by a Dutch court on Friday. Pertsev’s lawyers had sought bail to allow the Russian to prepare for the appeal process, but the court said that “his continued detention does not preclude the possibility of preparing his defense,” according to Pertsev’s lawyer Keith Cheng. Pertsev was found guilty of money laundering by a Dutch judge in the s-Hertogenbosch court in May and sentenced to 64 months in prison. The decision sent shockwaves through the community, angering many. The case has been described as the most important legal case in crypto.

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