Tesla CEO Elon Musk and Tron founder Justin Sun have finally endorsed former US President Donald Trump for the presidential race. The endorsement comes after the assassination attempt on Trump on July 13.
Cryptocurrency Characters Position
This upcoming election has long been seen as the first one that could be significant for the cryptocurrency alliance. On the eve of the election, Donald Trump escaped an assassination attempt by a 20-year-old. This chaotic series of events has caused the market to react quite resiliently. This trend shows that the industry has confidence in Donald Trump.
The price of Bitcoin rose by more than 1.77% to $59,659. Ethereum (ETH) led the recovery of altcoins, rising by 1.07% to $3,184. Donald Trump's memecoin MAGA (TRUMP) surged by more than 50% to $8.27.
While the retail market is sending clear signals, respected leaders in the industry are also making their voices heard. Elon Musk posted on X that he supports Donald Trump and wishes him a speedy recovery. Tron founder Justin Sun shared the same post on X, adding that "he is a better choice for the crypto industry and can ensure fairer treatment."
This stance is arguably controversial given the crucial balancing act the Biden administration is trying to strike to win votes in crypto. While the election is still months away, multiple markets predict that Donald Trump’s odds of being re-elected president have jumped to 71%, while Joe Biden’s odds are at just 17%.
Although this is just the opinion of forecasters who may or may not vote in the election, these predictions often underscore the sentiment in the cryptocurrency market.
Elon Musk lays out important blueprint
For Sun, it seems like he is really following in the footsteps of Elon Musk. Just as Musk bought Twitter and renamed it X, Sun is also interested in acquiring X's Chinese competitor Weibo.
Justin Sun announced his support for Donald Trump just hours after Elon Musk shared the post on X. While the Sun’s move is still very notable, it remains unclear how many other cryptocurrency leaders will officially support Donald Trump based on Musk’s influence.
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