Markets
Cryptocurrencies react immediately to Trump assassination attempt with rallies amid potential market revival: Santiment
Crypto analytics firm Santiment says digital asset markets immediately adapted to the assassination attempt on former President and 2024 presidential candidate 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 reacted to the assassination attempt, including Bitcoin rallies (Bitcoin) and MAGA (ASSET), the largest Trump-inspired memecoin.
“The assassination attempt on Donald Trump happened about a few hours ago and the cryptocurrency markets reacted immediately.
BTC rebounded to $60,300, a 10-day high.
TRUMP jumped +63% when the news broke.
Given the seriousness of any attempted assassination of a public (or non-public) figure, as well as the very different political stances of cryptocurrencies, it is undeniable that a bullish bias has been visible around the 2024 US presidential candidate.
As the fall election approaches, the cryptocurrency community has generally reacted positively to pro-Trump news, due to his recent pro-cryptocurrency comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, positive reactions have occurred accordingly.
Regardless of your political stance (or lack thereof), note how these types of market reactions will continue to any notable new U.S. policy for at least the remainder of 2024, especially in a sector that remains speculatively driven like cryptocurrency.
Source: Santiment/X
Bitcoin has rallied since Santiment posted his message, 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 openly anti-crypto, has changed course over the past year as the asset class has become an election talking point and is now a favorite among crypto natives hoping for a more industry-friendly presidential administration.
A recent survey by investment firm Paradigm noted Donald Trump’s pro-crypto stances are helping him win over Republican voters in the 2024 presidential election. The poll also suggests conservative voters are embracing financial freedom and pro-crypto candidates.
“Republican candidates who champion crypto — such as Sam Brown, Dave McCormick and Bernie Moreno — enjoy strong support for their positions from GOP voters.
Republicans deeply disagree with Warren and Gensler’s worldview, which advocates centralized control: CBDCs (central bank digital currencies), debanking, and requiring all financial transactions to go through big banks. In short, Republicans understand the appeal of cryptocurrencies and support Congressional action to establish clear and predictable rules.
Trump is scheduled for talk at the Bitcoin 2024 conference in Nashville, Tennessee, which will be held from July 25 to 27. The former US president is expected to make an appearance on the final day of the event.
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