Illustration of Assassination Attempt on Former U.S. President Sparks Market Turmoil

Assassination Attempt on Former U.S. President Sparks Market Turmoil

An assassination attempt on former U.S. President Donald Trump at a campaign rally in Butler, Pennsylvania, on Saturday has left the market unsettled as traders brace for Monday’s opening.

Following the attack, Bitcoin surged past $60,000. The incident resulted in the death of one spectator and critically injured two others. Trump remains safe and the alleged shooter, identified as 20-year-old Thomas Matthew Crooks, is deceased, according to a U.S. Secret Service press release. Trump is still expected to speak at the Republican National Convention in Milwaukee this week.

Market analysts predict a shift towards more stable investments. Traders are likely to consider assets like gold and the Swiss franc, which are typically less volatile during times of political and economic uncertainty. However, many traders have turned to Bitcoin, which was just below $60,000 at the time of publication, possibly anticipating that the assassination attempt might strengthen Trump’s position in the upcoming U.S. presidential election in November.

Trump, who has labeled himself a “crypto candidate,” has announced that he would accept campaign donations in various cryptocurrencies including Bitcoin, Ether, Dogecoin, and Solana. This marks a significant change from his previous stance a few years ago when he criticized Bitcoin. He has since garnered support from the cryptocurrency community ahead of the November election.

Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, mentioned that “this weekend’s events will likely cause increased volatility on Monday in both stock and bond markets. We expect a flight to safe havens like the Swiss franc and gold. Bitcoin has reacted positively to the news as a result of a kneejerk flight to safety.”

Another stock to watch is that of Trump Media, which has shown significant volatility since its debut in late March. As of Sunday night, it was up just over 1% in after-hours trading.

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