The recent assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania has caused a notable rise in the prices of crypto stocks and cryptocurrencies. Experts suggest that this reaction is driven by investor confidence in Trump.
Following the incident, Bitcoin surged over 10% within a week and more than 5% in a single day, reaching approximately $63,000. Other cryptocurrencies also followed suit, with Ether, the second-largest cryptocurrency by market cap, increasing by over 10% in the past week and more than 5% in a day, trading at $3,300. Major cryptocurrencies like Solana and Dogecoin saw a value increase of 5.4% and 4.8%, respectively, in just one day.
In response, shares of crypto companies also rose on Monday. MicroStrategy, the largest corporate holder of Bitcoin, saw its stock price jump over 15%, trading at $1,609. Coinbase, the leading crypto exchange in the U.S., experienced over 12% growth in its stock price. Shares of Bitcoin mining companies such as Marathon Digital Holdings and Riot Platforms each increased by over 15%, while Hut 8 Mining saw a rise of over 19%.
Blockchain researcher Pat Doyle from Amberdata commented that Trump has become a significant figure in the crypto space, and the market’s reaction indicates strong investor confidence in Trump’s potential success in the upcoming election.
This year, Trump has branded himself as a “crypto candidate” and announced at a Mar-a-Lago event that he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies, a sharp departure from his previous stance labeling crypto as a scam.
Sam Callahan, a senior analyst at Swan Bitcoin, noted that the Republican Party’s pro-Bitcoin stance has positively impacted the crypto market. He is particularly interested in the upcoming Bitcoin Conference, where Trump is expected to speak for the first time.
Callahan suggested that if Trump discusses Bitcoin’s potential as a treasury reserve asset, it could mark a significant milestone for Bitcoin adoption in the U.S.
The close alignment of crypto and Trump indicates that cryptocurrencies will play a crucial role in the upcoming election. The attempted assassination has seemingly boosted Trump’s chances of winning, exciting the crypto community, which sees potential benefits if Trump is elected. The primary election, national conventions, and presidential debates will further shape the crypto community’s response.
Meanwhile, betting site PredictIt has seen an increase in bets on Trump’s election win, rising from 60 cents on Friday to 67 cents, while Joe Biden’s odds stand at 27 cents.