- Bitcoin experienced a sharp increase from $58,300 to $60,400 within hours of the incident, reflecting market sensitivity to major news.
- MAGA (TRUMP) token jumps by 31.51%, reaching a market cap of $370 million post-shooting incident on Trump.
- TRUMP2024 token surged by 49.26%, and DONALD TRUMP token rose by 33.05% following the incident.
Former President Donald Trump survived in shooting incident during a rally in Butler, Pennsylvania. The incident, which took place within the past 12 hours, saw Trump taken off the stage with visible injuries. He was quickly taken to a local hospital but has since been released and returned to his home in New Jersey.
Market Volatility
The news of the shooting has caused major volatility in the crypto markets, which is unusual for a weekend. Bitcoin (BTC) experienced a notable surge, jumping from $58,300 to $60,400 within a few hours of the incident. Despite some subsequent losses, Bitcoin remains close to the $60,000 mark, which it had fallen below this month.
Impact on Crypto Tokens
Cryptocurrencies associated with Trump saw even more dramatic increases. The MAGA (TRUMP) token surged by over 30%. At press time, MAGA was up by 31.51% and has a market cap of $370 million, making it the 167th largest crypto asset.
Another token, TRUMP2024, which was created for the ongoing presidential campaign, shot up by 49.26%. Additionally, the DONALD TRUMP (DONALD) token rose by 33.05%.
Trump’s Change of Stance on Crypto and Market Reactions
During his first presidency, Trump was a vocal critic of Bitcoin and the broader cryptocurrency industry. However, he has changed his stance during his current campaign, unlike President Joe Biden. This shift in attitude may have influenced the crypto market’s reaction to the assassination attempt. It is to be noted that both have accepted donations inform of cryptocurrencies.
The attempted assassination of Donald Trump has had far-reaching effects, not only politically but also economically, particularly in the crypto markets. The quick response and subsequent release of Trump from the hospital have provided some stability, but the event highlights the unpredictable nature of both political and financial space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
