Former US President Donald Trump faced a dramatic assassination attempt during a campaign event in Pennsylvania on Saturday.
Although Secret Service agents quickly evacuated Trump safely, the incident still caused a public stir, including in the cryptocurrency community.
After the news of Trump's attack was announced, Bitcoin rose by more than 2.5%, approaching the $60,000 mark. Concept coins related to Trump rose sharply within an hour, and the total value of cryptocurrencies held in Trump's wallet also rebounded to more than $10 million. At the same time, data from the prediction market Polymarket showed that Trump's chances of winning the US presidential election soared to 70%.
Bitcoin price climbs after Trump rally shooting
Trump's shooting could have an impact on the political and economic landscape and increase Bitcoin's volatility. Historically, similar events have caused market movements to favor Bitcoin. For example, Trump's favorable performance in the debate last month drove a stronger dollar and higher Treasury yields. If this pattern repeats itself, Bitcoin's value could rise significantly.
Currently, Bitcoin's rally has broken through 60,000, with a 24-hour trading volume of $91.75 billion and a market value of $1.19 trillion, accounting for 53.16% of the market share. In the past 24 hours, the price of Bitcoin has risen by 3.71%. The historical high (ATH) of Bitcoin was $73,628 on March 14, 2024, and the lowest and highest cycle prices since then were $53,761 and $60,280 respectively. Although the Fear and Greed Index is 33 (fear), indicating that there is some concern in the market, the price prediction sentiment remains neutral.
Bitcoin's solid fundamentals support its future growth potential. The current circulating supply of Bitcoin is 19.7 million BTC, with a total cap of 21 million BTC, and a low annual supply inflation rate of 1.44%. In addition, Bitcoin has risen 99% in price over the past year, outperforming 64% of the top 100 crypto assets and Ethereum. It is currently trading above its 200-day simple moving average, which is a positive technical indicator and is considered oversold, suggesting that there is potential for price increases. Although it has only risen 12 days (40%) in the past 30 days, its high liquidity based on market capitalization provides stability and robustness.
Trump-related meme tokens surge after attack
The attack on Trump has drawn strong reactions from public figures. Tesla and SpaceX CEO Elon Musk publicly expressed his support for Trump and expressed his hope for the former president's speedy recovery.
President Biden also responded to the incident, condemning the behavior as "sick" and thanking the Secret Service for quickly evacuating Trump.
Interestingly, the cryptocurrency market reacted to Trump’s assassination attempt. Several Trump-related meme coins have grown significantly in value.
For example, the MAGA (TRUMP) meme coin surged from $6.31 to $9.68 before settling at $7.90. Similarly, the Doland Tremp (TREMP) meme coin also saw a significant increase in value, doubling from $0.38 to $0.76.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
