An assassination attempt on former U.S. President Donald Trump at a campaign rally in Butler, Pennsylvania on Saturday has left the market on edge as the new week begins.
The shocking incident led to the death of one spectator and critically injured two others. Trump emerged unscathed, and the alleged shooter, identified as 20-year-old Thomas Matthew Crooks, is deceased, according to a press release from the U.S. Secret Service. Trump is still expected to speak at the Republican National Convention in Milwaukee this week.
In the wake of the attack, Bitcoin surged to over $60,000. Traders often turn to more stable investments like gold during times of political and economic uncertainty, but in this case, many opted for Bitcoin. Some investors believe the assassination attempt might boost Trump’s chances in the upcoming U.S. presidential election in November, while others may have reacted to the political instability by moving their funds into cryptocurrency.
Trump has labeled himself a “crypto candidate” this election year and has stated he would accept donations in various cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana. This marks a significant shift from his previous stance when he referred to Bitcoin as “a scam against the U.S. dollar.” Despite his earlier criticism, Trump has recently garnered support from leaders in the cryptocurrency community as November’s vote approaches.
Aside from the crypto markets, traders are likely to seek refuge in traditional safe-haven assets such as gold and the Swiss franc, which tend to be less affected by political and economic turmoil.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, told Yahoo! Finance, “This weekend’s events will likely cause increased volatility when the markets open on Monday. We expect a flight to safe havens like the Swiss franc and gold, while Bitcoin has reacted positively due to its perception as a safe asset in times of instability.”
Additionally, investors may keep a close eye on Trump Media stock, which has exhibited significant volatility since its debut in late March. It was up just over 1% in after-hours trading on Sunday.
Vinamrata Chaturvedi contributed to this article.