An assassination attempt on former U.S. President Donald Trump at a campaign rally in Butler, Pennsylvania, on Saturday has caused market jitters heading into Monday.
Following the incident, Bitcoin surged to over $60,000. The attack led to the death of one spectator and critically injured two others. Trump is safe, and the alleged 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.
In times of political and economic uncertainty, traders often seek stable investments like gold, but some are turning to Bitcoin. Bitcoin’s rise to over $60,000 is attributed to various factors, including speculation that the assassination attempt might boost Trump’s chances in the upcoming U.S. presidential election and a general flight to safety amid political instability.
Trump, who has dubbed himself a “crypto candidate,” has declared he would accept campaign donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. This is a significant shift from just a few years ago when he criticized Bitcoin as “a scam against the U.S. dollar.” However, he has recently gained support from cryptocurrency leaders and the broader crypto community ahead of November’s vote.
Beyond the crypto markets, traders are expected to turn to safe-haven assets like gold and the Swiss franc, which are less affected by political and economic uncertainty. Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told Yahoo! Finance that “this weekend’s events will likely cause increased volatility when markets open on Monday. We expect to see a flight to safe havens like the Swiss franc and gold. Bitcoin has reacted positively to the news as a result of knee-jerk flight to safety.”
Another asset to watch is Trump Media stock, which has been highly volatile since its debut in late March. As of Sunday evening, the stock was up just over 1% in after-hours trading.
Vinamrata Chaturvedi contributed to this article.