The assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has driven up the prices of crypto stocks and cryptocurrencies, with some experts attributing this to investor confidence in Trump.
In the days following the incident, Bitcoin saw a significant surge, rising over 10% in a week and more than 5% in a single day, reaching around $63,000. Other cryptocurrencies also experienced growth, with Ether, the second-largest by market cap, increasing by over 10% in the past week and over 5% in a day, trading at $3,300. Solana and Dogecoin similarly saw increases of 5.4% and 4.8% respectively in just one day.
Shares of crypto companies also rose on Monday. MicroStrategy, the largest corporate Bitcoin holder with 1% of all Bitcoins in circulation, saw its stock jump over 15%, trading at $1,609. Coinbase, the largest U.S. crypto exchange, experienced more than 12% growth in its stock price. Shares of Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms each saw increases of over 15%, while Hut 8 Mining rose by over 19%.
Pat Doyle, a Blockchain Researcher at Amberdata, stated that Trump’s emergence as a leader in the crypto space is evident from the market reaction. “The market’s response to the recent failed assassination attempt underscores strong investor confidence in Trump’s prospects for winning the upcoming election,” he said.
This election year, Trump has positioned himself as a “crypto candidate,” announcing at a Mar-a-Lago gala that he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. His previous skepticism about crypto being a scam has shifted.
Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, noted that the Republican Party’s pro-Bitcoin stance has positively impacted the crypto market. He highlighted the upcoming Bitcoin Conference, where Trump is set to speak for the first time, as a significant event. “If Trump speaks about Bitcoin’s potential as a treasury reserve asset, this could be a milestone moment for Bitcoin adoption in the U.S,” Callahan wrote.
The close alignment between crypto and Trump is evident, and it’s anticipated that crypto will play a key role in the upcoming election. The assassination attempt is seen as increasing the likelihood of a Republican victory, with the crypto community viewing a Trump win as beneficial. The primary election, national conventions, and presidential debates will be crucial in shaping the crypto community’s reactions.
Meanwhile, PredictIt, an online betting site, has increased bets on a Trump election win from 60 cents to 67 cents, while Joe Biden’s odds stand at 27 cents.