Bitcoin took off after Trump survived an assassination attempt
Following the July 13 assassination attempt on former US President Donald Trump at a campaign rally in Pennsylvania, Bitcoin prices surged.
After the event, the price of Bitcoin increased by 4%, reaching $60,300. This marked the highest level in the last 10 days, reversing the recent downward trend.
Why did the price of Bitcoin rise after Trump's assassination attempt?
The market's positive reaction to this event surprised the crypto community, sparking debate as to the reasons behind the price increase.
Blockchain intelligence platform Santiment attributes the change to the frenzy surrounding the 2024 US presidential candidate. The company recently stated that the crypto community reacted positively to the news of the assassination attempt due to Trump's positive comments about the crypto industry. This incident was received as pro-Trump news, leading to a horrified response.
“Regardless of your political stance (or lack thereof), note that these types of market reactions to any major US political news will continue for at least the rest of 2024, especially in an always speculative sector like cryptocurrency,” Santiment added. .
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Similarly, Will Clemente, founder of Reflexive Research, echoes this sentiment. He pointed out that the markets have completely priced in Trump's victory in the upcoming November election.
“Based on Bitcoin's reaction so far, it looks like markets will start pricing in a Trump victory,” he said.
Interestingly, Polymarket data showed that the shot improved the odds of winning. According to the platform, crypto contenders have a 70% chance of Trump winning the election compared to President Joe Biden, whose odds have dropped to 15%.
In recent months, Trump has become popular among the Bitcoin and crypto community. He has pledged to protect the right to own bitcoin and will be a keynote speaker at the Bitcoin 2024 conference later this month.
Read more: How Blockchain Could Be Used for Voting in 2024?
These moves helped him gain support from prominent crypto figures, including Arch Invest CEO Cathy Wood and Gemini Exchange founders Tyler and Cameron Winklevoss. In particular, Elon Musk and billionaire investor Bill Ackman are supporting his re-election bid.
“I fully support President Trump and hope for a speedy recovery,” Mook said.
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