Bitcoin Surges as Assassination Plot Failure Boosts Trump’s Campaign
Bitcoin prices surged over the weekend, reaching above $62,450, the highest level in two weeks, as per CoinGecko data. The spike followed a failed assassination attempt on former President Donald Trump, which led to a surge in Trump-inspired meme coins.
During a campaign rally, a 20-year-old shooter attempted to assassinate Trump, resulting in one fatality and two serious injuries. Despite the incident, photos showed a defiant Trump fist-bumping immediately after the attempt, with blood visible on his face.
The assassination attempt created political volatility, impacting markets. Rich Rosenblum, co-founder of trading firm GSR, noted that such events could prompt Bitcoin buying due to the uncertainty they bring to global democracy.
Trump’s support for the crypto industry has grown, contrasting sharply with current President Joe Biden. Speculation suggests that a Trump win in the upcoming election could lead to more favorable regulatory conditions for cryptocurrencies compared to a second term under Biden.
The incident also saw a surge in support for Trump on social media, with many expressing their backing for him. Billionaire hedge fund manager Bill Ackman even announced his formal endorsement of Trump following the incident.
Traders on platforms like Polymarket increased their bets on Trump winning the election, with odds reaching an all-time high of 70%. The potential impact of a Trump victory on the crypto industry has been a significant factor driving the recent surge in Bitcoin prices.
Rosenblum highlighted the sensitivity of Bitcoin to political events, emphasizing that a Trump win could benefit the industry from both regulatory and investment perspectives. The market is closely monitoring developments as the election approaches.
