failed Trump assassination prompts crypto highs

With momentum already out of Trump’s favor in the US presidential race, the failed assassination attempt and subsequent photos of the former president with his fist raised in defiance, blood dripping from his ear and a US flag hanging overhead have firmly put him in the driver’s seat ahead of the November election.

Bitcoin prices have surged to a two-week high following the attack on Trump, the self-proclaimed champion of cryptocurrency.

Bitcoin rose 8.6% earlier today (July 15) to hit a two-week high of $62,698, marking a 47% gain since the beginning of the year. Ether, the second-largest cryptocurrency by market cap, also rose 6.8% to $3,322.

Analysts and investors say the assassination attempt on Trump’s face at a Republican Party rally in Butler, Pennsylvania, on Saturday (July 13) has boosted his chances of returning to the White House.

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Trump’s potential killer was identified as 20-year-old Thomas Matthew Crooks, a registered Republican whose motives are not yet known. Crooks killed a former Pennsylvania fire chief and injured two other participants by firing several shots with an AR-16.

Where do Trump and Biden stand on crypto?

Trump has not provided any details about his proposed policies regarding cryptocurrency but has repeatedly criticized Democrats’ attempts to regulate the industry.

He welcomed the title of ‘Crypto President’ at a June fundraiser in San Francisco, home to many US technocrats whom Trump has successfully tried to woo, such as Tesla CEO Elon Musk.

President Biden, on the other hand, argues that the crypto world needs to be more tightly regulated.

Biden issued an executive order in 2022 for a crypto regulatory framework that calls on federal agencies to crack down on illegal crypto activities. This came to light in March with the case of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, who was sentenced to 25 years in prison for stealing $8 billion from his customers.

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Biden also vociferously criticized the crypto regulation bill passed by the US House of Representatives in May, saying it “lacks adequate protections for consumers and investors engaging in certain digital asset transactions.”

There are other concerns that the bill limits the ability of the U.S. Securities and Exchange Commission (SEC) to impose restrictions on crypto assets.

How the attack strengthens Trump’s campaign

Trump’s near-assassination has added even more enthusiasm to his already cult-like following.

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Republican senators and Trump supporters have blamed Biden, Democrats and the US media for the attack, saying the Biden campaign’s tactic of portraying Trump as an existential threat to democracy led to Crooks’ actions.

The Democrats’ narrative about the dangers posed by Trump, largely centered around his supporters’ storming of the Capitol on Jan. 6, will be weakened.

Saturday’s events also reinforced Trump’s frequent claims that DC insiders and the so-called “deep state” are out to get him, whether it’s to steal the election or to try to put him in jail on various legal charges. Trump can now claim that “they” are trying to kill him, adding to his martyrdom self-description.

Biden, meanwhile, has made headlines for his fragility. The president gave a disastrous debate performance against Trump on June 27 and mistakenly introduced Ukrainian President Zelenskyy as “President Putin” at the NATO summit in Washington last week.

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Adding to this image of incompetence is the response to the incident by the Secret Service, which is tasked with protecting US Presidents.

Questions have been raised about why the agency did not secure the roof where the gunman was located before the rally, why it ignored public warnings or why it did not immediately remove him from the stage despite Trump’s request to “Give me my shoes.”

Secret Service Director Kimberly Cheatle said in a statement that personnel had neutralized the shooter and were working with state and local authorities to investigate the incident. The FBI has also launched its own investigation.

The article, titled “Statement: Failed Trump assassination sparks cryptocurrency peaks”, was originally created and published by Retail Banker International, a brand owned by GlobalData.

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