Bitcoin soared above $62,000 levels on Monday from $58,337 on Saturday when former US President Donald Trump was shot during an election campaign rally in Butler, Pennsylvania. It had surpassed $60,000 on Sunday.
Some of the Trump-inspired meme tokens also surges with cryptocurrencies like TREMP leaping by 71 per cent in a day, while other like TRUMP saw a 39 per cent rise and MAGA 33 per cent. Ethereum also crossed $3,300 levels.
How did Trump shooting spurred crypto?
One of the main reasons for the sudden hike in cryptocurrencies is attributed to Trump's open support for the non-traditional asset. With Trump gaining sympathy following the shooting, political commentators believe that his chances of winning the elections is high. Trump is scheduled to attend the annual Bitcoin Conference in Nashville, Tennessee.
Trump has backed individual rights to own crypto assets several times in the part. With the prospects of him returning as US President, many analysts feel that Bitcoin will soon rally towards $70,000.
Biden also woos Crypto stakeholders
President Joe Biden who has often criticised crypto has been losing his popularity following the setback during the first presidential debate. The Biden camp, led by crypto-friendly Democrat Ro Khanna, recently met Coinbase's Chief Legal Officer Paul Grewal for a crypto roundtable to reach out to the stakeholders in the sector.
