Crypto analytics firm Santiment says digital asset markets immediately adapted to the attempted assassination of former president and 2024 hopeful Donald Trump.
At a rally in Pennsylvania on Friday afternoon, Trump was shot in an apparent assassination attempt, narrowly surviving with only minor injuries.
According to Santiment, crypto markets immediately responded to the assassination attempt, including rallies of Bitcoin (BTC) and MAGA (TRUMP), the largest Trump-inspired memecoin.
“The attempted assassination of Donald Trump happened about hours ago and the crypto markets reacted immediately.
BTC recovered to $60,300, a 10-day high.
TRUMP rose +63% when the news broke.
Taking into account the seriousness of any assassination attempt on a public (or non-public) figure, and crypto’s vastly different political stances, there is no denying that a bullish bias was visible around the 2024 US presidential candidate.
As we approach the election this fall, the cryptocurrency community has generally shown bullish reactions to pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is seen as pro-Trump news. That is why bullish reactions have emerged.
Regardless of your political stance (or lack thereof), notice how much this kind of market reaction will continue to any notable US political news for at least the remainder of 2024, especially in an ever-speculatively driven sector like cryptocurrency.”
Bitcoin has moved higher since Santiment published the post, trading at $63,004 at the time of writing, up more than 4% in the past day. Meanwhile, TRUMP is trading at 7.68%, down more than 10% in the past 24 hours.
Trump, once outspokenly anti-crypto, has made a U-turn in the past year as the asset class became more of an election talking point and is now a favorite among crypto residents hoping for a presidential administration that is friendlier to the sector.
A recent poll from investment firm Paradigm shows that Donald Trump’s pro-crypto stances are helping him win over Republican voters for the 2024 presidential election. The poll also suggests that conservative voters are embracing financial freedom and pro-crypto candidates.
“Republican candidates who defend crypto – such as Sam Brown, Dave McCormick and Bernie Moreno – are receiving strong support for their positions from Republican voters.
Republicans sharply disagree with the Warren-Gensler worldview of centralized control: CBDCs (central bank digital currencies), debanking, and forcing all financial transactions through big banks. In short, Republicans understand the appeal of crypto and support Congress’ action to establish clear and predictable rules.”
Trump will speak at the Bitcoin 2024 conference in Nashville, Tennessee, which will take place from July 25 to 27. The former US president is expected to appear on the final day of the event.
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