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Bitcoin’s price surged following an assassination attempt on former US President Donald Trump during a campaign event in Pennsylvania on July 13.
After the incident, Bitcoin’s value rose by 4%, reaching $60,300. This marked its highest level in the past 10 days, reversing a recent downward trend.
Why Bitcoin’s Price Increased After Trump’s Assassination Attempt
The market’s positive response to this event intrigued the crypto community, sparking debates about the reasons behind the price increase.
Blockchain intelligence platform Santiment attributed the uptick to a bullish sentiment around the 2024 US presidential candidate. The firm noted that the crypto community has shown positive reactions to the assassination attempt news due to Trump’s recent favorable comments about the crypto industry. This incident is perceived as pro-Trump news, leading to the bullish response.
“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,” Santiment added.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Similarly, Will Clemente, the co-founder of Reflexivity Research, echoed this sentiment. He suggested that the markets are starting to price in a full Trump victory in the upcoming November elections.
“Based on Bitcoin’s reaction so far, looks like markets are going to begin pricing in a full Trump victory,” he stated.
Interestingly, Polymarkets data shows that the shooting improved his chances of winning. According to the platform, crypto bettors believe that Trump has a 70% chance of winning the elections compared to President Joe Biden, whose chances have fallen to 15%.
Over the past months, Trump has become a favorite among the Bitcoin and crypto community. He has vowed to protect the right to hold Bitcoin and will be a headline speaker at the Bitcoin 2024 conference later this month.
Read more: How Can Blockchain Be Used for Voting in 2024?
These actions have helped him garner support from prominent crypto figures, including Ark Invest’s CEO Cathie Wood and Gemini exchange founders Tyler and Cameron Winklevoss. Notably, Elon Musk and billionaire investor Bill Ackman are also in support of his re-election bid.
“I fully endorse President Trump and hope for his rapid recovery,” Musk stated.