Markets
Cryptocurrency Market Sentiment Improves Amid Political Turmoil Involving Donald Trump – Santiment
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In an intriguing turn of events, the cryptocurrency market has seen optimistic reactions following recent reports of an assassination attempt on former US President and Republican presidential candidate Donald Trump. When news of the attempt surfaced, the market and community saw positive reactions, especially regarding digital assets like Bitcoin and the Trump-inspired TRUMP coin.
The cryptocurrency market immediately reacted after reports of the incident
According to the leading market intelligence platform, SantimentAfter the assassination attempt on former US President Donald Trump on Saturday, the cryptocurrency market saw an almost instant positive response.
On Saturday night, at a presidential campaign event in Butler, Pennsylvania, Trump was taken off stage after being shot while delivering a speech. The former president was lucky, as the bullet grazed his upper right ear, allowing the Secret Service to intervene and shield Trump off stage. However, the Secret Service confirmed that Trump was safe and feeling better, as no other injuries were reported.
Given the magnitude of any assassination attempt against a public or non-public figure and the distinct political opinion within the crypto community, Santiment noted that a bullish bias appears to have developed around the presumptive GOP nominee for the 2024 U.S. presidential election.
This bullish bias highlighted by Santiment is due to Trump’s sudden embrace of digital assets, which has caused a frenzy within the community in recent weeks, with the majority of enthusiasts reacting positively to the pro-Trump news. “It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish reactions have occurred accordingly,” the platform added.
Following the news, Santiment reported that BitcoinThe flagship digital asset, saw a rebound to the $60,000 level for the first time in over 10 days, hours after the report. ASSET The currency rose more than 63% less than an hour after the dramatic incident was broadcast.
Santiment thus points out that, at least until 2024, these types of market reactions will persist in response to important US policy news. This is particularly evident in a sector always driven by speculation, such as cryptocurrencies.
Responses from leading industry figures
The attempted shooting on Donald TrumpThe Saturday rally campaign garnered several positive responses from major figures in the crypto space on social media.
Billionaire and cryptocurrency advocate Elon Musk has expressed his support for the former president’s recent push for crypto. “I fully support President Trump and hope he recovers quickly,” Musk said. declared while sharing a video of the incident.
Tron founder Justin Sun was also seen expressing His support for Trump. According to Sun, he believes that Trump is the best choice for the cryptocurrency industry and can ensure fairer treatment, which is what motivates him to support the former president as the election approaches. Sun’s post only lasted a short while, as the founder deleted the post, sparking speculation that he may have changed his mind about Trump.
Featured image from Shutterstock, chart from Tradingview.com