The recent assassination attempt on former U.S. President Donald Trump during a campaign rally in Pennsylvania has led to a significant increase in the prices of crypto stocks and cryptocurrencies. Experts believe this surge is fueled by investor confidence in Trump.
Two days after the attempt, Bitcoin saw a substantial rise of over 10% within a week and more than 5% in a single day, reaching approximately $63,000. Following Bitcoin’s upward trend, other cryptocurrencies also experienced notable gains. Ether, the second-largest cryptocurrency by market cap, increased by over 10% in the past week, with a more than 5% daily jump, trading at $3,300. Additionally, Solana and Dogecoin saw daily increases of 5.4% and 4.8%, respectively.
Crypto-related company stocks mirrored this trend on Monday. MicroStrategy, the largest corporate holder of Bitcoin, saw its stock soar over 15% to $1,609. Coinbase, the leading crypto exchange in the U.S., experienced a 12% rise in its stock price. Shares of Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms each went up by more than 15%, while Hut 8 Mining saw a 19% increase.
Pat Doyle, a Blockchain Researcher at Amberdata, indicated that Trump’s prominence in the crypto arena is evident from market reactions. The failed assassination has bolstered investor confidence in Trump’s potential to win the upcoming election.
Trump has taken a pro-crypto stance this election year, declaring himself a “crypto candidate” and announcing at a Mar-a-Lago gala that he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. He has shifted from his previous skepticism about crypto.
Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, noted that the Republican Party’s support for Bitcoin is positively influencing the market. Callahan is particularly interested in the upcoming Bitcoin Conference, where Trump is expected to speak for the first time.
Callahan highlighted that if Trump discusses Bitcoin’s potential as a treasury reserve asset, it could mark a significant moment for Bitcoin adoption in the U.S.
The alignment between Trump and the crypto community has become more evident, with crypto expected to play a crucial role in the election. The recent assassination attempt is perceived as enhancing Trump’s chances of winning the Republican nomination and possibly the presidency. Primary elections, national conventions, and presidential debates will further influence the crypto community’s reaction.
Meanwhile, PredictIt, an online betting site, reported an increase in bets on Trump’s election victory, rising from 60 cents on Friday to 67 cents, while Joe Biden’s odds stood at 27 cents.