On July 15, 2024, the price of Bitcoin soared past the US$62,000 mark, rising more than four percent in the last 24 hours. This increase was triggered by news regarding the assassination attempt on former US President, Donald Trump, which occurred on July 13 in Pennsylvania. The incident occurred while Trump was attending a campaign rally. Although potentially life-threatening, this assassination attempt was thwarted by security forces, and Trump did not suffer serious injuries.
Impact on Prices of Bitcoin and Other Cryptos
This event triggered an increase in buying interest in Bitcoin, resulting in the price soaring from US$61,000 to US$62,000. Apart from Bitcoin, several Trump-related meme coins such as TREMP, TRUMP, and MAGA also experienced significant gains, with increases of 71%, 39%, and 33% respectively.
According to Rosenblum, co-founder of trading firm GSR, the political volatility demonstrated by this incident was the catalyst that prompted Bitcoin purchases. He stated that events such as the assassination attempt on the US Presidential candidate show how fragile the current global political situation is.
Political Reaction and Influence
After this incident, crypto prediction markets such as Polymarket recorded an increase in the chances of Trump winning in the upcoming elections. Trump's odds of winning rose from 60% to 71%, reflecting market confidence in Trump's political influence following the incident.
Conclusion
The rise in Bitcoin prices following this incident shows that political uncertainty can affect the crypto market significantly. Volatility resulting from global and political events continues to be a factor influencing digital asset prices.
Disclaimer
This content is for information only and is not investment advice. Investing in cryptocurrencies is high risk. Do thorough research before investing.