- The crypto market has reacted positively to the attempted assassination of Donald Trump, with Bitcoin surging almost 4% and breaking the US$61,000 barrier.
- Other cryptocurrencies followed Bitcoin’s lead with ETH, SOL, DOGE and SHIB all surging on the news, the overall crypto market cap is up over 2% in the past 24 hours.
- Decentralised prediction market, Polymarket, shows that Trump’s odds of winning the election have risen since the shooting, with the platform saying he has a 70% chance of victory, up 10% since before the attempt on his life.
The shocking attempted assassination of Republican US presidential presumptive nominee, Donald Trump, continues to reverberate through the crypto markets. Bitcoin immediately surged once it became clear Trump was not seriously injured in the attack—meanwhile other cryptocurrencies including Ethereum and Solana also rallied.
According to data from CoinGecko, in the past 24 hours the overall crypto market cap has increased by just over 2%.
Throughout the lengthy election campaign Trump has positioned himself as the ‘pro-crypto’ candidate and many people now believe his attempted assassination makes him more likely to win in November.
Following Trump’s brush with death, the decentralised prediction market Polymarket now has his odds of being elected president in November listed at 70%, the highest winning odds he’s had during this election campaign.
Related: Republican Platform Promises to Halt ‘Un-American’ Crypto Crackdown, Opposes Government Digital Currency
Assassination Attempt Pushes Market Higher
Following the attempt on Trump’s life Bitcoin rallied, breaking the US$61k barrier. In the hours since the attack took place Sunday morning Australian time, the OG crypto is up 3.7% according to CoinGecko and is currently changing hands at just over US$61,000 (AU$90,000).
Other cryptocurrencies followed BTC higher, with Ethereum (ETH) gaining 2.95% since the attack and Solana (SOL) surging about 6.5%. Memecoins have also rallied on the back of Trump’s close shave, with DogeCoin (DOGE) up about 4.5% since before the attack and Shiba Inu (SHIB) up about 4.4%.
Why has an attempt to kill the pro-crypto guy driven the crypto market up? It seems to have increased the likelihood of a Trump victory in the November election, which—rightly or wrongly—is considered by many to be a positive thing for the crypto industry.
Related: Donald Trump to Speak at Bitcoin 2024 Conference
Trump’s reaction to the shooting—his defiant fist pump and his rallying call to his supporters, immediately yelling out to the crowd “Fight! Fight!”—is believed to make him appear stronger and more vigorous than the ageing and visibly frail Biden. Bloomberg said it will have the effect of “immediately supercharging his 2024 bid.”
Polymarket now has Trump in his strongest position of the entire campaign. After the debate in which Joe Biden struggled, Trump’s odds briefly surged to 67% before falling back to 60%. Following his attempted assassination Trump is now riding high, being given a 70% chance of winning the election, up 10% from before the shooting while Biden sits at just 18%.
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