Bitcoin rises back above $60,000 as Trump’s re-election odds hit ATH on Polymarket

Bitcoin (BTC) has risen almost 4% in the past 24 hours to $60,200 after struggling for a week to break the key level, according to data from TradingView. The resurgence comes after the odds of Donald Trump’s reelection hit an all-time high on Polymarket following an assassination attempt against the former US President on Saturday.

Trump’s 2024 presidential election odds have increased to 71%, a new record high, according to Polymarket. Meanwhile, Biden’s odds have remained relatively low. His chances have dropped following a lackluster debate performance, plummeting from 34% to 16%.

The market’s growing confidence in Trump’s potential return to the White House follows an assassination attempt during his rally in Pennsylvania yesterday. The incident reportedly injured Trump’s right ear and resulted in the death of one attendee.

At the time of reporting, the FBI had identified the gunman. Trump is in good condition and is scheduled to attend the Republican National Convention in Milwaukee.

Data from PredictIt, a political prediction market platform, also shows that Trump’s chances of becoming president again have increased after the shooting. Images of Trump with his fist raised, a bloody ear, and an American flag in the background are trending on social media and television.

The recent incident has increased Trump’s chances of winning the presidential election, which in turn could benefit the crypto markets. Standard Chartered believes that Trump’s victory could boost Bitcoin’s value and the crypto industry due to his crypto-friendly approach.

In recent months, the former President has repeatedly expressed his support for the crypto sector. He has pledged to make the US the sector leader and end the hostility of Biden’s administration toward the industry.

Apart from Bitcoin, other Trump-inspired meme coins saw gains briefly after the shooting, as reported by Crypto Briefing. The Solana meme coin TRUMP (MAGA) surged 42% to $9.7. It is currently trading at around $7.8, CoinGecko’s data shows.

In the last 24 hours, Doland Tremp (TREMP), another Solana-based meme coin, saw a 30% gain while MAGA Hat (MAGA), a Trump-themed coin on Ethereum, was also up almost 26%.