TL; DR
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After news broke on Saturday that Trump was shot, the crypto markets soared – up $40 billion in a few hours – because it increased his chances of winning the election (and he’s pro-crypto).
Full story
After news broke on Saturday that Trump was shot, crypto markets soared, rising by $40 billion in just a few hours.
That seems a bit… macabre. So why did it happen?
Our armchair analysis?
It was this photo.
Looking for a more measured explanation?
In that case it would go something like this…
Given Trump’s pro-crypto stance, it is believed that a Trump victory in this year’s elections would lead to more investment in the crypto sector.
The more likely he is to be re-elected → the more money will be pumped into the crypto markets ahead of time (as investors try to get ahead of the price rise).
The mixture of sympathy, anger and political passion that this event provoked (again epitomized by this photo) was enough to increase Trump’s odds of winning on the betting markets from 60% to 70% in just a few hours.
Additionally, Bitcoin saw an increase from ~$58.4k to ~$60.3k, Ethereum went from $3.15k to $3.22k, and Solana rose from $139 to $146.
Okay, now you know!