Crypto analytics firm Santiment says that digital asset markets have immediately adjusted to the attempted assassination of former president and 2024-hopeful Donald Trump.
At a rally in Pennsylvania on Saturday afternoon, Trump was shot in an apparent attempted murder, narrowly surviving with only minor wounds.
According to Santiment, crypto markets immediately reacted to the assassination attempt, including rallies from Bitcoin (BTC) and MAGA (TRUMP), the largest Trump-inspired memecoin.
“The attempted assassination of Donald Trump occurred approximately hours ago, and crypto markets had an immediate reaction.
BTC rebounded as high as $60,300, a 10-day high.
TRUMP surged +63% as the news broke.
Taking into account the serious matter of any assassination attempt of a public (or non-public) figure, as well as crypto’s vastly different political stances, it is undeniable that a bullish bias has been visible around the 2024 US presidential candidate.
As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result.
Regardless of your political stance (or lack thereof), note how much these types of market reactions will continue on any notable US political news for at least the rest of 2024, especially in an always speculative-driven sector like cryptocurrency.”
Bitcoin has moved higher since Santiment made the post, trading at $63,004 at time of writing, up over 4% in the past day. Meanwhile, TRUMP is trading at 7.68%, down over 10% in the last 24 hours.
Trump, once vocally anti-crypto, has pivoted in the last year or so as the asset class became more of an election talking point and is now a favorite amongst crypto natives hoping for a presidential administration that’s friendlier to the industry.
A recent poll conducted by investment firm Paradigm indicates that Donald Trump’s pro-crypto stances are helping him win over Republican voters for the 2024 Presidential Election. The poll also suggests conservative voters are embracing financial freedom and pro-crypto candidates.
“Republican candidates defending crypto – such as Sam Brown, Dave McCormick, and Bernie Moreno – have strong support for their positions from GOP 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 congressional action to establish clear and predictable rules.”
Trump is slated to speak at the Bitcoin 2024 conference in Nashville, Tennessee, which will be held from July 25th to July 27th. The former US president is expected to make his appearance on the last day of the event.
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