Bitcoin Price Surges After Assassination Attempt on Former US President Trump: Here’s Why
The recent assassination attempt on former US President Donald Trump has had an unexpected impact on the cryptocurrency market, particularly Bitcoin. Following the incident, Bitcoin’s price surged by 4%, reaching $60,300, its highest level in the past 10 days.
The crypto community was intrigued by the market’s positive response to the news, leading to debates about the reasons behind the price increase. Blockchain intelligence platform Santiment attributed the uptick to a bullish sentiment around Trump’s potential candidacy in the 2024 US presidential election. The firm noted that the crypto community reacted positively to the news due to Trump’s recent favorable comments about the crypto industry, leading to a bullish response.
Similarly, Will Clemente, the co-founder of Reflexivity Research, suggested that the markets are starting to price in a full Trump victory in the upcoming November elections. Polymarkets data also showed that the shooting improved Trump’s chances of winning, with crypto bettors giving him a 70% chance compared to President Joe Biden’s 15%.
Trump’s support for Bitcoin and the crypto industry has garnered him favor among prominent figures in the space, including Cathie Wood, Tyler and Cameron Winklevoss, Elon Musk, and Bill Ackman. Trump has vowed to protect the right to hold Bitcoin and will be a headline speaker at the Bitcoin 2024 conference later this month.
The unexpected impact of the assassination attempt on Bitcoin’s price highlights the intersection of politics and cryptocurrency in the current market landscape. As the 2024 US presidential election approaches, it will be interesting to see how political events continue to influence the crypto market.
