An assassination attempt on former U.S. President Donald Trump at a campaign rally in Butler, Pennsylvania, on Saturday has left the market unsettled heading into Monday.
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As often happens during times of political and economic uncertainty, traders are likely to seek more stable investments with less volatility, such as gold, while others are turning to Bitcoin.
Bitcoin surged past $60,000 following the attack. The attempt on Trump’s life resulted in the death of one spectator and critically injured two others attending the rally. Trump was unharmed, and the suspected shooter, 20-year-old Thomas Matthew Crooks, is deceased, according to a press release from the U.S. Secret Service. Trump is still scheduled to speak at the Republican National Convention in Milwaukee this week.
Traders have likely flocked to Bitcoin—which was just below $60,000 at the time of publication—for various reasons. Some anticipate that the assassination attempt may strengthen Trump’s chances of winning the U.S. presidential election in November, while others may have turned to Bitcoin as a reaction to political instability.
This election year, Trump has labeled himself as a “crypto candidate” and has stated he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. President Joe Biden has also said he’d consider accepting crypto donations. Trump’s stance on cryptocurrency represents a significant reversal from a few years ago when he called Bitcoin a “scam against the U.S. dollar.” Nonetheless, he has increasingly gained support from cryptocurrency leaders and the community ahead of November’s vote.
Apart from the crypto markets, traders are expected to shift to so-called safe-haven assets like gold and the Swiss franc, which are less sensitive to political and economic uncertainties.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told Yahoo! Finance that “this weekend’s events will likely cause increased volatility when markets open on Monday for both stocks and bonds. We expect to see a move toward safe havens like the Swiss franc and gold. Bitcoin has reacted positively to the news as part of a kneejerk flight to safety.”
Another asset to watch is Trump Media stock. The stock has been highly volatile since its debut in late March and was up just over 1% in after-hours trading on Sunday at the time of publication.
Vinamrata Chaturvedi contributed to this article.