In a show of support for former President Donald Trump, Elon Musk and Justin Sun have publicly endorsed his 2024 presidential run following a failed assassination attempt on July 13. The move has sent ripples through the crypto market, with many seeing it as a vote of confidence in Trump from the crypto sector.
Musk, CEO of Tesla, took to X (formerly Twitter) to wish Trump a speedy recovery and endorse his candidacy. Justin Sun, founder of Tron, quickly followed suit, stating that Trump is the better choice for the crypto industry and can ensure fairer treatment.
The endorsements have had a significant impact on market sentiment, with Polymarket odds for Trump's re-election jumping to 71%, compared to Joe Biden's 17%. The move has also highlighted Musk's influence in the crypto world, with many expecting other crypto leaders to follow his lead.
The endorsement comes at a critical time, as the Biden Administration seeks to win crypto votes through balanced policies. The crypto industry is seen as pivotal in the upcoming election, with significant implications for its future.
The market has responded positively to the endorsements, with Bitcoin rising over 1.77% to $59,659 and Ethereum increasing by 1.07% to $3,184. Trump's memecoin, MAGA (TRUMP), surged by over 50% to $8.27.
As the election approaches, the impact of these endorsements on the crypto market and political landscape will be closely watched. One thing is certain - Elon Musk and Justin Sun's endorsements have sent a strong signal of support for Donald Trump from the crypto industry.
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