In a surprising turn of events, Bitcoin’s value experienced a notable surge, climbing by 4% to reach $60,300, following an assassination attempt on former US President Donald Trump. The incident occurred during a campaign event in Pennsylvania on July 13, sparking immediate reactions across financial markets.
This increase marked Bitcoin’s highest valuation in the past 10 days, reversing a recent downward trend that had concerned investors and analysts alike. The crypto community was quick to analyze the reasons behind this sudden upswing, with various perspectives emerging on its implications for the market.
Blockchain intelligence platform Santiment attributed the bullish sentiment to Trump’s recent favorable remarks about the cryptocurrency industry. The platform noted that the crypto community interpreted the news of the assassination attempt as pro-Trump, triggering a surge in confidence and investment. Santiment further highlighted the speculative nature of the cryptocurrency sector, suggesting that such market reactions could persist throughout the remainder of 2024 in response to significant US political developments.
Will Clemente, co-founder of Reflexivity Research, echoed these sentiments, suggesting that market dynamics now appear to be pricing in a potential Trump victory in the upcoming 2024 US presidential elections. This speculation was reinforced by data from Polymarkets, indicating a significant shift in betting odds favoring Trump over incumbent President Joe Biden.
Trump’s growing support within the Bitcoin and cryptocurrency community has been palpable in recent months, fueled by his vocal advocacy for digital assets and forthcoming keynote address at the Bitcoin 2024 conference later this month. His stance has garnered endorsements from influential figures such as Ark Invest’s Cathie Wood and the Winklevoss twins, founders of Gemini exchange. Even Tesla CEO Elon Musk and billionaire investor Bill Ackman have expressed support for Trump’s re-election bid, underscoring his influence within financial and technological circles.
