As betting markets indicated that cryptocurrency-friendly candidate Donald Trump had a better chance of winning the US presidential election, bitcoin reached a two-week high on Monday.
The value of bitcoin, the largest cryptocurrency in the world, increased by about 5% at 1:40 p.m. London time, to $62,781.48.
The event comes in the wake of Saturday’s shockingly unsuccessful attempt to assassinate former President Trump.
FedWatch Advisors chief investment officer Ben Emons stated in an email that “there is a ‘parallel’ to the 1981 shooting of President Reagan” despite the fact that it was not an election year.
Reagan’s popularity shot through the roof following the incident, coinciding with a double-dip recession.
On the other hand, the subsequent economic downturn caused the S&P 500 to drop by 9%.
However, given the robust economy we currently have, it is possible that the former president Trump’s popularity will soar and have a favourable effect on markets.
Source (CNBC)
