The recent assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has unexpectedly driven up the prices of crypto stocks and cryptocurrencies. Experts believe this surge is due to investors placing their bets on Trump.
Two days after the incident, Bitcoin saw a considerable increase, surging by over 10% in a week and more than 5% in a single day, reaching approximately $63,000. Other cryptocurrencies followed suit; Ether, the second-largest cryptocurrency by market cap, also rose over 10% in the past week and jumped more than 5% in a day, reaching $3,300. Cryptocurrencies like Solana and Dogecoin experienced daily gains of 5.4% and 4.8%, respectively.
The impact wasn’t limited to cryptocurrencies alone. Crypto companies’ shares also saw a significant rise on Monday. MicroStrategy, the largest corporate owner of Bitcoin, saw its stock price soar by over 15%, trading at $1,609. Coinbase, the biggest crypto exchange in the U.S., experienced a 12% growth in its stock price. Bitcoin mining companies such as Marathon Digital Holdings and Riot Platforms saw their shares increase by over 15%, while Hut 8 Mining jumped over 19%.
Pat Doyle, a Blockchain Researcher at Amberdata, noted in an email that Trump’s leadership in the crypto space has become evident, and the market’s response to the failed assassination attempt underscores investor confidence in his prospects for the upcoming election.
This election year, Trump has positioned himself as a “crypto candidate,” declaring at a Mar-a-Lago gala that he would accept campaign donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. In contrast to his earlier stance, he no longer views crypto as a scam.
Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, pointed out that the Republican Party’s pro-Bitcoin stance has bolstered the crypto market. He is closely watching the upcoming Bitcoin Conference, where Trump is scheduled to speak for the first time.
“If Trump addresses Bitcoin’s potential as a treasury reserve asset, it could mark a milestone for Bitcoin adoption in the U.S.,” Callahan mentioned in an email.
The alignment between Trump and the crypto community is now more evident than ever, making crypto a pivotal factor in the upcoming election. The assassination attempt is perceived as potentially increasing Trump’s chances of becoming the Republican nominee. Key events like the primary election, national conventions, and presidential debates will further influence the crypto community’s reactions.
Meanwhile, PredictIt, an online betting site, has seen an increase in bets on Trump’s election prospects, rising from 60 cents on Friday to 67 cents, while Joe Biden’s odds stand at 27 cents.