On Monday, the world's largest cryptocurrency, bitcoin, hit a fresh two-week high as former President Trump's election odds took a bump, improving in the aftermath of a thwarted assassination attempt in Pennsylvania this weekend. Bitcoin saw gains of 8.6%, climbing to a price of $62,508 after overcoming a slump last week.

“Trump has consistently been seen as the pro-crypto candidate,” Pay Doyle, blockchain researcher at Amberdata, told TheStreet Crypto. “The market's response to the recent failed assassination attempt underscores strong investor confidence in Trump's prospects for winning the upcoming election."

Popular crypto betting sites like Polymarket show crypto betters placing the odds of Trump's potential presidential victory at 71%, reflecting "significant market support for his candidacy," according to Doyle. "This positive sentiment is reflected in Bitcoin's price movement,” Doyle added.

“Looking ahead, the primary election-related catalyst that could significantly impact the market is the potential resignation of President Biden," Doyle added, pointing out that Trump's pro-crypto stance will likely reverberate positively across crypto markets.

"Such a development could be perceived positively by crypto investors, anticipating a shift in regulatory dynamics," he said. "Other scheduled events, including national conventions and presidential debates, will likely have a more subdued impact on the market.”

Bitcoin exchange-traded funds (ETFs) also continued their positive price momentum this month. Last week, crypto ETFs drew in more than $1.35 billion in funds, representing their fifth best week in their history, according to CoinShares data. The surge in inflows was catalyzed by two major factors: the German government’s recent selloff of bitcoin and “a turnaround in sentiment due to lower than expected CPI [Consumer Price Index] in the U.S., [which] prompted investors to add to positions,” according to CoinShares head of research James Butterfill.