Cryptocurrency analytics firm Santiment said the digital asset market immediately adapted to the assassination attempt on former President and 2024 presidential candidate Donald Trump.
At a rally in Pennsylvania on Friday afternoon, President Trump was shot in what appeared to be an attempted murder attempt, but he barely survived with only minor injuries.
According to Sentiment, the cryptocurrency markets reacted immediately to the assassination attempt, with the biggest Trump-inspired meme coins, Bitcoin (BTC) and MAGA (TRUMP), rallying.
“The assassination attempt on Donald Trump occurred just hours ago, and the cryptocurrency markets reacted immediately.
BTC bounced to $60,300, its highest level in 10 days.
Trump’s stock price soared 63% after the news broke.
Given the seriousness of the assassination attempt on a public (or private) figure and the very different political stance of cryptocurrencies, there is no denying that there is a bullish bias towards the 2024 US presidential candidates.
As the election approaches this fall, the crypto community has generally been bullish on pro-Trump news, especially because of recent pro-Trump comments. Surviving an assassination attempt is considered pro-Trump news, so there has been a bullish reaction.
Regardless of political stance (or lack thereof), watch for this type of market reaction to continue to play out on major U.S. political news through at least the rest of 2024, especially in an area that has always been highly speculative, like cryptocurrencies.”
Bitcoin has been on the rise since Santiment posted, trading at $63,004 at the time of writing, up more than 4% over the past day. Meanwhile, TRUMP is trading at 7.68%, down more than 10% over the past 24 hours.
Once a vocal opponent of cryptocurrencies, President Trump has changed his stance over the past year or so as crypto assets have become a major election topic, and is now popular among crypto experts who are hoping for a presidential administration that is friendly to the industry.
A recent poll conducted by investment firm Paradigm suggests that Donald Trump’s pro-crypto stance is helping him gain support from Republican voters in the 2024 presidential election. The poll also suggests that conservative voters are embracing financial freedom and a pro-crypto candidate.
“Republican candidates who support cryptocurrencies, such as Sam Brown, Dave McCormick, and Bernie Moreno, are receiving strong support from GOP voters.
Republicans are sharply opposed to the Warren-Gensler worldview of central control: CBDCs (Central Bank Digital Currencies), bank breakups, and forcing all financial transactions through big banks. In short, Republicans understand the appeal of cryptocurrencies and support congressional action to establish clear and predictable rules.”
Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville, Tennessee, from July 25 to July 27. The former US president is expected to make an appearance on the final day of the event.
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