The assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has positively impacted the prices of crypto stocks and cryptocurrencies, with some experts suggesting that investors are placing their bets on Trump.
Two days following the attempt, Bitcoin saw a significant surge of over 10% in a week and more than 5% in a single day, peaking around $63,000. Other cryptocurrencies mirrored Bitcoin’s climb, with Ether, the second-largest cryptocurrency by market cap, experiencing a similar rise of over 10% within the week and over 5% in a day, reaching $3,300. Prominent cryptocurrencies like Solana and Dogecoin also noted value increases of 5.4% and 4.8%, respectively, in one day.
Shares of crypto firms also saw an uptick on Monday. MicroStrategy, the largest corporate owner of Bitcoin, observed a more than 15% rise in its stock, trading at $1,609. Coinbase, the largest U.S. crypto exchange, saw its stock price grow by over 12%. Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms each saw increases exceeding 15%, with Hut 8 Mining surging by over 19%.
Pat Doyle, a Blockchain Researcher at Amberdata, mentioned in an email to Quartz that Trump has become a significant figure in the crypto sector, and the market’s reaction is a clear indicator of strong investor confidence in his potential to win the upcoming election. Doyle stated, “The market’s response to the recent failed assassination attempt underscores strong investor confidence in Trump’s prospects for winning the upcoming election.”
This election season, Trump has branded himself as a “crypto candidate” at a Mar-a-Lago gala, announcing that he would accept donations in various cryptocurrencies including Bitcoin, Ether, Dogecoin, and Solana. This is a stark contrast to his previous stance, where he had dismissed crypto as a scam.
According to Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, the Republican Party’s pro-Bitcoin stance has been a boon for the crypto market and cryptocurrencies overall. He is closely watching the upcoming Bitcoin Conference, where Trump is expected to speak for the first time.
Callahan noted, “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.”
The close alignment between crypto and Trump is evident, and it is clear that cryptocurrency will play a crucial role in the upcoming election. The assassination attempt on Trump is seen as potentially increasing the Republican nominee’s chances of winning the presidential election. The crypto community is optimistic, believing that Trump’s election could be beneficial. The primary election, national conventions, and presidential debates are expected to significantly influence the crypto community’s reaction.
Meanwhile, online betting platform PredictIt has seen increased bets on Trump’s election victory, rising from 60 cents last Friday to 67 cents, while Joe Biden’s odds stand at 27 cents.