The assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has led to a significant rise in the prices of crypto stocks and cryptocurrencies. Experts suggest this surge is due to investor confidence in Trump’s potential.
Bitcoin experienced a more than 10% increase within a week and over 5% in a single day, reaching around $63,000. Other cryptocurrencies such as Ether also saw substantial growth, climbing over 10% in the past week and more than 5% in a day, trading at $3,300. Solana and Dogecoin followed suit, with rises of 5.4% and 4.8% respectively in a day.
The stock market reacted similarly, with shares of crypto-related companies soaring on Monday. MicroStrategy, holding 1% of all Bitcoin, saw its stock price jump over 15% to $1,609. Coinbase, the largest U.S. crypto exchange, experienced over a 12% rise. Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms saw their shares increase by over 15%, while Hut 8 Mining’s stock rose by over 19%.
Pat Doyle, a Blockchain Researcher at Amberdata, stated in an email to Quartz that the market’s reaction to the failed assassination attempt shows strong investor confidence in Trump’s election prospects. Trump, who has declared himself a “crypto candidate,” announced at a Mar-a-Lago gala that he would accept donations in various cryptocurrencies, including Bitcoin and Ether.
Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, believes the Republican Party’s pro-Bitcoin stance has positively impacted the crypto market. He is particularly interested in the upcoming Bitcoin Conference, where Trump will speak for the first time. Callahan noted that if Trump addresses Bitcoin’s potential as a treasury reserve asset, it could be a significant moment for Bitcoin adoption in the U.S.
The crypto community is closely aligned with Trump and views his election prospects as beneficial. The primary election, national conventions, and presidential debates will significantly influence the crypto community’s response. PredictIt, an online betting site, has also seen increased bets on Trump’s election win, rising from Friday’s 60 cents to 67 cents, while Joe Biden’s odds are at 27 cents.