Cryptocurrency prices and stocks rallied Monday after former President Donald Trump's odds of retaking the White House jumped following an assassination attempt on Saturday. Bitcoin rebounded above $63,000 to its highest price the beginning of July.
A gunman fired multiple shots Saturday evening at a campaign rally for Trump in western Pennsylvania. Trump appeared to be slightly wounded on his right ear and said on his Truth Social site that he was "shot with a bullet that pierced the upper part of my right ear."
One rally attendee was killed in the shooting while two others were left in critical condition. Federal authorities called it an assassination attempt and identified Pennsylvania native Thomas Matthew Crooks, 20, as the shooter. A Secret Service sniper shot and killed Crooks seconds after the incident began.
Trump's odds of retaking the White House jumped to 66% on PredictIt, from about 60% before the shooting at Saturday's rally. Trump's chances were about 53% prior to the first presidential debate.
Elsewhere, Trump on Monday selected pro-cryptocurrency Senator J.D. Vance (R-Ohio) as his vice presidential candidate.
Bitcoin Price Action
Cryptocurrencies rallied in response to Trump's odds jump. He is viewed as a more crypto-friendly candidate than President Joe Biden.
Bitcoin's price leapt to around $63,500 on Monday after trading below $59,000 before the assassination attempt. The jump pushed bitcoin back above its 200-day moving average at $59,308, TradingView data shows. Bitcoin last traded above $63,000 on July 1.
Ethereum surged near $3,415 by Monday afternoon and traded above $3,100 before the rally shooting. Most of ethereum's gains came on Sunday and ETH is trading back at its early-July levels.
Crypto exchange Coinbase rallied 11.4% Monday to bounce back above its 50-day moving average. COIN stock is consolidating with a 283.43 buy point.
Among bitcoin miners, Marathon Digital vaulted 18.3% Monday while CleanSpark bolted 15.5%. Hut 8 rallied 17.9% and Core Scientific swung 9% higher. Iris Energy reversed lower to slide 2.6% Monday following a 5% jump in early trade.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
