Markets
Cryptocurrencies react immediately to Trump assassination attempt with rallies in potential market wake-up call: Santiment
Cryptocurrency analytics firm Santiment says digital asset markets immediately adjusted to the assassination attempt on former president and 2024 presidential candidate Donald Trump.
At a rally in Pennsylvania on Friday afternoon, Trump was shot in an apparent assassination attempt, narrowly surviving with only minor injuries.
According to Santiment, cryptocurrency markets immediately reacted to the assassination attempt, including Bitcoin rallies (BTC) and MAGA (TRUMP CARD), the largest Trump-inspired memecoin.
“The assassination attempt on Donald Trump occurred approximately hours ago, and the cryptocurrency markets reacted immediately.
BTC recovered to a 10-day high of $60,300.
TRUMP was up +63% when the news broke.
Considering the seriousness of any assassination attempt on a public (or non-public) figure, as well as the vastly different political stances of cryptocurrencies, it is undeniable that a bullish bias has been visible around the 2024 US presidential candidate.
As we approach the election this fall, the crypto community has been showing an optimistic response to pro-Trump news, given his recent pro-crypto comments. Needless to say, surviving an assassination attempt is perceived as pro-Trump news. So, optimistic responses have occurred as a result.
Regardless of your political stance (or lack thereof), watch for these types of market reactions to any notable US political news story to continue through at least the end of 2024, especially in a sector as driven by speculation as cryptocurrency.”
Source: Santiment/X
Bitcoin has surged since Santiment made the post, trading at $63,004 at the time of writing, up more than 4% in the past day. Meanwhile, TRUMP is trading at 7.68%, down more than 10% in the past 24 hours.
Trump, who was once outspokenly anti-cryptocurrency, has shifted his stance over the past year as the asset class has become more of an election topic and is now a favorite among crypto natives hoping for a more crypto-friendly presidential administration.
A recent survey conducted by investment firm Paradigm indicates that Donald Trump’s pro-crypto stances are helping him win over Republican voters for the 2024 presidential election. The survey also suggests that conservative voters are embracing financial freedom and pro-crypto candidates.
“Republican candidates who advocate for cryptocurrencies — such as Sam Brown, Dave McCormick, and Bernie Moreno — have strong support for their positions from GOP voters.
Republicans strongly disagree with the Warren-Gensler worldview of centralized control: CBDCs (central bank digital currencies), debanking, and forcing all financial transactions through big banks. In short, Republicans understand the appeal of crypto and support Congressional action to establish clear, predictable rules.”
Trump is scheduled to to speak at the Bitcoin 2024 conference in Nashville, Tennessee, which will be held from July 25 to 27. The former US president is expected to make his appearance on the last day of the event.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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