From crypto to dollar: Market reacts to Donald Trump’s assassination bid

From the dollar strengthening against major Asian currencies to cryptocurrency markets experiencing a rise led by Bitcoin prices, the assassination bid of former United States president Donald Trump did not go unnoticed by markets worldwide. 

Trump survived a gunshot aimed at him at a rally in Pennsylvania on Saturday, sustaining injuries on his ear. The attacker was shot dead by the US Secret Service, the agency said.

The attack, a potential turning point in the US presidential election campaign saw the outpouring of support for Trump by world political and corporate leaders and is being seen as a signal of a heightened chance of Trump winning with the former US president already ahead of Joe Biden in polls conducted post the presidential debate.

Bitcoin jumps, crypto markets see higher trade

At 2:30 pm IST, Bitcoin was trading at $62,848.30, up 4.35%. Etherum was up by 4.24%, trading at $3,349. 

Edul Patel, CEO of Mudrex, said: 

Bitcoin surged to $62,000 over the weekend as Donald Trump’s chances of reclaiming the White House increased, pushing BTC’s price up. The next key level to watch is $64,125, with support at $61,500. Meanwhile, Ethereum outperformed Bitcoin in weekly gains, rising above $3,300. Market participants are also optimistic about the approval of spot Ether ETFs expected this week, which could boost interest in Ethereum.

Trump has taken a pro-crypto stance, making cryptocurrency an election issue for the first time ever.

Among other things, he has promised to “defend the right to mine Bitcoin” as well as “ensure every American has the right to self-custody of their digital assets and transact free from government surveillance and control”.

Sentiment in the crypto market was boosted as experts spoke of an increased chance of Trump winning post the assassination bid. 

Dollar gains slight strength, Treasuries fall, equity markets remain mixed

The dollar strengthened slightly against major currencies and Treasuries slipped early on Monday.

The dollar index rose 0.15% in morning trading, having weakened earlier in July.

Equity markets reflected a mixed response with Hong Kong, Taipei, Wellington, Bangkok and Jakarta dropping and Shanghai, Seoul, Mumbai, Sydney, Singapore and Manila rising. 

London, Paris and Frankfurt also retreated.

Meanwhile, yields on benchmark 10-year Treasuries rose 0.03 percentage points to 4.21%, reflecting a small decline in price. Contracts tracking Wall Street’s S&P 500 and Nasdaq 100 advanced 0.3% and 0.5% ahead of the New York open, Financial Times reported. 

The post From crypto to dollar: Market reacts to Donald Trump's assassination bid appeared first on Invezz