Bitcoin has surged by 9% since the assassination attempt on Donald Trump at a Pennsylvania rally over the weekend, reaching approximately $64,500 as of Wednesday afternoon EST, according to data from CoinGecko. Market analysts attribute this rise to a growing belief within the crypto community that the incident has bolstered the prospects of crypto-friendly leaders winning the White House in the upcoming election.
The near-miss has caused prediction markets to shift in favor of Trump’s potential return to office. Polymarket has raised its forecast to 70%, while PredictIt now places his odds at 67%. These platforms, known for their predictive accuracy in political outcomes, reflect a significant uptick in confidence among traders.
Beyond Bitcoin, other sectors of the market have also responded positively to the perceived political shift. Stocks associated with Trump, such as Trump Media & Technology Group Corp, saw a 48% increase in their share prices from Friday to Monday. Crypto-related stocks like Coinbase Global Inc., Marathon Digital Holdings Inc., and MicroStrategy Inc. have similarly surged.
In the realm of cryptocurrencies, Trump-themed meme coins have experienced notable gains. Coins like Super Trump ($STRUMP) and MAGA coin ($TRUMP) have seen increases of 38% and 15% respectively, indicating strong investor interest in political sentiment within the crypto space.
Additionally, Trump Digital Trading Cards, an NFT collection, have doubled in floor price on platforms like Magic Eden, reflecting heightened demand for digital assets associated with Trump following recent events.
The resurgence of Bitcoin and related assets underscores the market’s anticipation of a potential Republican administration favorable to crypto policies. Trump has positioned himself as a “crypto president” and is scheduled to headline Bitcoin 2024 in Nashville, where he will address a gathering of over 30,000 attendees. His recent appointment of JD Vance as a crypto-friendly running mate further solidifies his stance on digital asset regulation reform, which includes proposals to overhaul current SEC and CFTC policies to better accommodate the industry’s needs.
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