On July 14th, during a campaign rally in Pennsylvania, former U.S. President Donald Trump was shot by an unidentified gunman. The bullet grazed his ear, causing no life-threatening injuries. The U.S. Secret Service swiftly evacuated Trump.
This shocking news sent ripples through the cryptocurrency market. The “failed assassination” attempt on Donald Trump had an immediate and significant impact.
Bitcoin’s price surged to $64,735, marking a two-week high following the news of the shooting. The price spike wasn’t just fueled by Bitcoin ETFs buying up BTC after the German government liquidated $3 billion worth of Bitcoin.
Many investors believe the attack could boost Trump’s chances of winning the upcoming U.S. presidential election in November, leading to a substantial increase in speculative trading based on this belief.
Cryptocurrencies are fundamentally viewed as digital and decentralized investment assets, free from regulatory control. This decentralized nature means that any shocks in financial, social, or political markets can significantly affect their price movements.
In the current landscape, the U.S. dollar is gradually losing its stronghold. The U.S. Dollar Index (DXY) has steadily declined since June, prompting investors to look for more appealing investment channels, such as the cryptocurrency market.
In this wave of market enthusiasm, the prices of political meme coins supporting Donald Trump, like MAGA (TRUMP), have dramatically risen. The cost of MAGA skyrocketed by 40%, hitting an unprecedented peak of $9.51, marking the highest value ever recorded for this coin.
This impressive surge isn’t limited to MAGA (TRUMP). The Donald Tremp (TREMP) coin also experienced a significant increase, jumping by 50% and currently trading at over $0.53.
Political coins backing Joe Biden faced significant declines as the market sentiment shifted towards Trump. The Joe Boden (BODEN) coin fell by 13.8%, now trading at $0.0313. This downward trend started during the first debate between the two candidates, where Joe Biden’s performance disappointed many in the political arena.
Support for Donald Trump’s potential victory in the upcoming U.S. presidential election has soared to an unprecedented 70% on the prediction market Polymarket. This marks the highest level of confidence ever recorded for Trump, while his opponent Joe Biden’s support has plummeted to a mere 16%.
Related news: Biden’s Reelection Odds Hit New Low on Polymarket
This stark difference highlights Trump’s substantial appeal within the cryptocurrency community, reflecting his ability to garner strong backing from crypto-enthusiast voters.
Trump’s election odds just hit 70%.
Yet another all-time high. pic.twitter.com/S2GdqIdetL
— Polymarket (@Polymarket) July 14, 2024
Despite this, some voices in the community caution that Trump may be using cryptocurrency merely as a political gambit.
Arthur Hayes, the founder of BitMEX, recently shared his perspective in a blog post, arguing that Trump is unlikely to follow through on his crypto-related promises made during his campaign. Hayes’ skepticism points to a broader debate within the crypto community about the sincerity and viability of political figures’ commitments to cryptocurrency policies.
Arthur Hayes published an article stating that Trump’s support for cryptocurrencies is not sincere and that he will abandon cryptocurrencies once he takes office. Cryptocurrency voters should ask their elected political representatives to enact it into law before Election Day. He…
— Wu Blockchain (@WuBlockchain) July 13, 2024
