The assassination attempt on former President Donald Trump at a rally in Pennsylvania on Saturday sent his chances of winning the presidency soaring. Presidential electionAccording to cryptocurrency prediction market Polymarket,
recent report According to Fortune, while traditional polls might yield different results, Polymarket and PredictIt found a noticeable shift in odds following the event.
Cryptocurrency Industry Rebounds as Trump’s Election Chances Increase
Prediction or betting markets provide a platform for traders to exchange contracts based on uncertain future events. The prices of these contracts effectively act as odds, reflecting the collective expectations of market participants.
In this sense, Polymarket’s prediction market It shows that Trump’s odds jumped significantly from 60% to 72% after the assassination attempt. Conversely, Biden’s odds rose slightly to 18%, while Vice President Kamala Harris’s odds plummeted from 13% to 5%.
Another prediction market, PredictIt, also reflected this shift, with Trump’s odds rising to 67% and Biden’s falling to 26%.
The cryptocurrency market’s reaction to this incident has been notable, especially with the recent rally in the prices of the largest tokens. A Fortune report recently reaffirmed that Trump would be the “crypto president” if re-elected. rally In the cryptocurrency market.
Signs of recovery
For example, Bitcoin surged 6% to break $63,000 for the first time in three weeks, and hit a low of $53,500 on July 5, its first since February. Now, The largest cryptocurrency The market recorded gains of more than 6% and 13% over 24 and 7 hours, respectively.
Cryptocurrency-related stocks including Coinbase Global, cryptocurrency mining companies Marathon Digital Holdings and Riot Platforms also rose 10%, 7% and 6%, respectively.
Meme Coin MAGA, a parody of the former president, has also seen notable gains, rising more than 45% over the past seven days and 7% in the past 24 hours, and is currently trading at $8.43, its highest since late June.
However, according to CoinGecko, the token’s trading volume has fallen 66% and is down 53% from its all-time high of $17.50 in June 2024. data.
Fortune also reported that Saturday’s shooting had an indirect impact on Trump’s business ventures. Shares of Trump Media and Technology, the parent company of Truth Social, soared 47% after the shooting, potentially adding $1.8 billion to Trump’s total wealth, suggesting increased investor interest in Trump-owned businesses following the assassination attempt.
Featured image from Toledo Blade, charts from TradingView.com