Trump survives assassination attempt, sparking crypto market surge.
On a sunny Saturday in Pennsylvania, former President Donald Trump was shot in the right ear during a political rally. His campaign assured the public of his well-being.
The incident has dramatically increased Trump’s political visibility, which, in turn, has sparked a surge in the crypto market. Bitcoin (BTC) rose to $63,218.
BTC is holding strong at $63,154, marking a 5% gain. Ethereum (ETH) also rose 5.5%, and several altcoins experienced double-digit gains.
This trend shows that the market sentiment is strongly influenced by Trump’s pro-crypto stance, which has been a key part of his political strategy.
Trump’s campaign not only accepts crypto donations but also pledges support for Bitcoin mining if he returns to the White House. He is set to speak at the Bitcoin 2024 conference in Nashville.
Reports suggest that Trump’s attendance at the conference could help him raise $15 million. On the prediction market platform Polymarket, 71% of users now bet on Trump’s victory in the upcoming election.
Bitcoin ETFs saw $1.4 billion in inflows last week, marking the fifth-largest weekly inflow since their inception. This aligns closely with the potential return of Trump to power.
Speculations and support on social media networks
Following the assassination attempt, Solana (SOL) blockchain experienced a surge in meme coins like “The Ear Stays On” and “Trump Fights Gun,” capturing millions in market cap within hours.
Michaël van de Poppe, a well-known crypto analyst, pointed out that Germany has finished selling its Bitcoin holdings, which could remove downward pressure on the market.
Stockmoney Lizards referred to the Trump assassination attempt as a “black swan event” with a unique potential to drive gains in the crypto market.
Bitcoin Magazine also noted a major shift in perspective from Larry Fink, CEO of BlackRock, who has become a believer in Bitcoin after launching spot Bitcoin ETFs.
While the market is experiencing a bullish wave, it’s essential to proceed with caution. The influx of meme coins can create bubbles prone to bursting, leading to potential losses.
Investors should conduct thorough research and not solely rely on market sentiment driven by current events.
