Market observers are scrambling to explain the surge in Bitcoin and crypto prices following the shocking assassination attempt on U.S. presidential candidate Donald Trump in Butler, Pennsylvania.
Leaders of both major U.S. political parties, along with America’s Western allies and others, expressed horror and relief on July 13 after an apparent attempt on the former president’s life at a campaign rally.
The price of Bitcoin soared minutes after the incident, but by July 15, a different crypto story was emerging.
Bitcoin’s price rose to $64,671 by 11:30 pm UTC on July 15, up 5.8% over the previous 24 hours and 14.2% for the week. Other cryptocurrencies followed suit. Bitcoin’s price peaked around $65,000 but has since slightly decreased to $63,664 at the time of writing.
“Historically, attempted assassinations have led to an increase in support for candidates,” Austin Campbell, founder and managing partner at Zero Knowledge Consulting and an adjunct professor at Columbia University’s School of Business.
In the critical moment after shots were fired around 6:11 pm local time on July 12, presidential candidate Trump emerged from a crowd of Secret Service officers “defiant,” Campbell recounted, and this was “captured in an iconic photograph even in the moment.”
The Republican leader “was able to project strength,” which boosted his chances of regaining the presidency.
“Trump is seen as the vastly more pro-Bitcoin and pro-crypto candidate,” Campbell continued. “Therefore, the [BTC price] rally would be a logical response to the market expecting Trump’s victory odds just went up significantly.”
Assassination attempts on U.S. presidents — or former presidents — are rare. The last attempt was on Ronald Reagan in 1981, more than 40 years ago. They are violent and a significant attack on the body politic.
Recent events may have shown Bitcoin’s value again during a crisis. When Silicon Valley Bank collapsed in March 2023 — the second-largest bank failure in U.S. history — global stock markets wobbled. But Bitcoin, contrary to expectations, rallied.
It’s All About Election Prospects
“I believe BTC is a safe-haven asset,” David Tawil, co-founder and president of ProChain Capital, told Cointelegraph. But Tawil doesn’t think that’s the main reason Bitcoin surged on July 15.
“The overwhelming narrative is now that he is more likely to be elected,” Tawil continued, “which is incredibly bullish for crypto.” He believes it could lead to a “full recasting of crypto” in the U.S. that would have happened sooner if not for figures like SEC Chair Gary Gensler, Senator Elizabeth Warren, President Joe Biden, and other crypto-skeptical Democratic Party members.
Summary Review: The recent surge in Bitcoin’s price following the assassination attempt on Donald Trump highlights the complex interplay between political events and cryptocurrency markets. Market observers attribute the rise to increased support for Trump, seen as a pro–crypto candidate. This incident underscores Bitcoin’s perceived value as a safe-haven asset during times of crisis and hints at the potential for significant shifts in the crypto landscape depending on political outcomes. As the 2024 election approaches, the cryptocurrency market will likely continue to react strongly to developments that impact the perceived likelihood of Trump’s victory.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
