Markets
Bitcoin surges after Trump survives assassination attempt
Bitcoin’s price has soared following an assassination attempt on former US President Donald Trump during a campaign event in Pennsylvania on July 13.
Following the incident, Bitcoin’s value rose 4% to $60,300. This marked its highest level in the past 10 days, reversing a recent downward trend.
Why Bitcoin Price Surged After Trump Assassination Attempt
The market’s positive response to this event has intrigued the crypto community, sparking debates on the reasons behind the price surge.
Blockchain intelligence platform Santiment attributed the surge to bullish sentiment surrounding the 2024 US presidential candidate. The firm noted that the crypto community has shown positive reactions to the news of the assassination attempt due to Trump’s recent favorable comments about the crypto industry. This incident is perceived as pro-Trump newsleading to the optimistic response.
“Regardless of your political stance (or lack thereof), watch for these types of market reactions to any notable US political news at least through the end of 2024, especially in a sector as driven by speculation as cryptocurrency,” Santiment added.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Bitcoin’s reaction to Trump’s assassination attempt. Source: Sanctification
Similarly, Will Clemente, the co-founder of Reflexivity Research, echoed this sentiment. He suggested that markets are starting to price in a total Trump victory in the upcoming November election.
“Based on Bitcoin’s reaction so far, it looks like markets are going to start pricing in a full Trump victory,” he stated.
Interestingly, Polymarkets data shows that shooting increased your chances of winning. According to the platform, crypto bettors believe that Trump has a 70% chance of winning the elections compared to the president John Biden, whose chances have dropped to 15%.
In recent months, Trump has become a favorite among the Bitcoin and crypto community. He has promised protect the right to hold Bitcoin and will be one of the keynote speakers at Bitcoin Conference 2024 Later this month.
Read more: How can Blockchain be used for voting in 2024?
These actions helped him gain support from prominent crypto figures, including Ark Invest CEO Cathie Wood and Gemini Exchange Founders Tyler and Cameron Winklevoss. Notably, Elon Musk and billionaire investor Bill Ackman are also supporting his re-election bid.
“I fully support President Trump and hope for his speedy recovery,” Musk stated.
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