The shooting incident that befell the former President of the United States, Donald Trump, apparently had a significant impact on the cryptocurrency market, especially Bitcoin.
According to Coin Market Cap, Bitcoin experienced a daily increase of 5% after the shooting incident. This increase was based on speculation that Trump would win the 2024 US presidential election.
Speculation about Trump's victory is a green light for crypto asset holders, considering that Trump is known to be friendlier towards this commodity. Chief Investment Officer of Magnet Capital, Benjamin Keller-Mayer, said that the strengthening of crypto began to appear since the first debate of the pro-crypto US Republican presidential candidates. The increased probability of Trump's election is considered a positive outcome that boosts the crypto market.
However, global markets are still questioning what trade policies Trump will implement if he returns to the White House.
There are speculations that Trump will implement tax cuts, higher tariffs, and looser regulations. Trump's closeness to the crypto market was also seen when he met with Bitcoin miners in June 2024.
During the meeting, Trump said Bitcoin mining may be the last line of defense against central bank digital currencies, adding that he wants all remaining Bitcoins to be mined in the United States.
Previously, Trump also said he would discuss crypto policy with billionaire Elon Musk, who has a major influence in the crypto asset world. This year, Bitcoin hit a record high of nearly $74,000 in March, driven by demand for special funds traded on US exchanges.
These developments indicate that the political situation and speculation surrounding leadership can have a significant impact on the digital asset market.
Crypto market players are now closely monitoring political developments in the United States, especially regarding the policies that Trump will take if he is re-elected as President.
