The assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has led to a surge in the prices of crypto stocks and cryptocurrencies, with investors seemingly betting on Trump.
Two days after the attempted assassination, Bitcoin saw a significant increase, rising by over 10% in a week and more than 5% in a single day, reaching around $63,000. Other cryptocurrencies followed suit, with Ether, the second-largest cryptocurrency by market cap, climbing more than 10% in the past week and over 5% in a day, trading at $3,300. Major cryptocurrencies like Solana and Dogecoin also experienced gains, with Solana increasing by 5.4% and Dogecoin by 4.8% in just one day.
Similarly, shares of crypto-related companies rose on Monday. MicroStrategy, the largest corporate holder of Bitcoin, saw its stock jump over 15%, trading at $1,609. Coinbase, the largest crypto exchange in the U.S., observed a growth of over 12% in its stock price. Bitcoin mining companies such as Marathon Digital Holdings and Riot Platforms each recorded increases of over 15%, while Hut 8 Mining’s shares increased by over 19%.
Pat Doyle, a Blockchain Researcher at Amberdata, noted that Trump has emerged as a significant figure in the crypto space, and the market’s reaction indicates strong investor confidence in his prospects for the upcoming election. Doyle remarked that the market’s response to the failed assassination attempt underscores this confidence.
This election year, Trump has declared himself a “crypto candidate,” announcing at a Mar-a-Lago gala that he would accept donations in cryptocurrencies such as Bitcoin, Ether, Dogecoin, and Solana. This marks a shift from his previous view of crypto as a scam.
Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, highlighted the Republican Party’s pro-Bitcoin stance as beneficial to the crypto market. He is particularly interested in the upcoming Bitcoin Conference where Trump is scheduled to speak for the first time.
Callahan noted that if Trump discusses Bitcoin’s potential as a treasury reserve asset, it could be a milestone for Bitcoin adoption in the U.S.
The alignment between crypto and Trump is now evident, and the assassination attempt is seen as increasing his chances of winning the presidential election. The crypto community is optimistic about Trump’s potential presidency, believing it will be advantageous for the industry. Key electoral events such as the primary election, national conventions, and presidential debates will also significantly influence the crypto community’s reactions.
Meanwhile, PredictIt, an online betting platform, has raised Trump’s election win odds from 60 cents on Friday to 67 cents, while Joe Biden’s odds stand at 27 cents.