An assassination attempt on former U.S. President Donald Trump at a campaign rally in Butler, Pennsylvania, on Saturday has left the market on edge as Monday approaches.
In times of heightened political and economic uncertainty, traders often seek out more stable investments with less volatility, such as gold, while others are turning to Bitcoin.
Bitcoin’s value surged to more than $60,000 following the attack. The assassination attempt resulted in the death of one spectator and critically injured two others attending the rally. Trump remains safe after the shooting, and the suspected shooter, identified as 20-year-old Thomas Matthew Crooks, is deceased, according to a press release from the U.S. Secret Service. Trump is still scheduled to speak at the Republican National Convention in Milwaukee this week.
Traders are turning to Bitcoin, which trades continuously and was just below $60,000 at the time of publication, for various reasons. Some believe the assassination attempt may boost Trump’s chances of winning the U.S. presidential election in November. Others might be reacting impulsively to the political instability by moving their assets into Bitcoin.
For this election, Trump has branded himself as a “crypto candidate,” stating he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. This stance marks a significant shift from his previous position a few years ago when he denounced Bitcoin as “a scam against the U.S. dollar.” Despite this turnaround, he has been increasingly receiving support from cryptocurrency leaders and community members ahead of November’s vote.
Outside of the cryptocurrency markets, traders are expected to turn to traditional safe-haven assets, such as gold and the Swiss franc, which are less sensitive to political and economic instability.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, told Yahoo! Finance, “This weekend’s events will likely cause increased volatility at Monday’s market open, affecting both stock and bond markets. We foresee 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 asset likely to draw attention is Trump Media stock. The stock has been highly volatile since its debut in late March, and it was up just over 1% in after-hours trading on Sunday at the time of publication.