The price of Bitcoin surged past $62,000, marking an increase of over four percent in the last 24 hours. This rise followed news of a failed assassination attempt on former U.S. President Donald Trump on Saturday, July 13, American time.
Donald Trump faced an assassination attempt while appearing at a campaign rally in Pennsylvania. Security forces thwarted the attempt, ensuring that the former president did not suffer severe injuries.
Following this incident, Bitcoin’s price saw a substantial increase, breaking the $61,000 barrier and consistently rising to the $62,000 level. The dramatic rise in Bitcoin’s price not only highlights the market’s volatility but also underscores the potential impact of geopolitical events on cryptocurrency values. Investors may view Bitcoin as a safe-haven asset in times of political turmoil, suggesting a broader trend of perceiving cryptocurrencies as alternative investments to traditional financial instruments during periods of uncertainty.
This surge also led to liquidations in the derivatives market. Data from Coinglass indicates that 40,252 traders were liquidated in the past 24 hours, with total liquidations reaching $119.16 million. This significant shift in market sentiment shows that traders’ positions are forcibly closed due to margin calls, amplifying the market’s movement.
However, Bitcoin’s gains appeared modest compared to the dramatic price jumps of the largest meme coins inspired by Trump. TREMP rose by 71%, TRUMP increased by 39%, and MAGA climbed by 33%. The meme coins’ surge demonstrates the speculative nature of the cryptocurrency market, where news events can lead to exaggerated price movements in niche segments of the market.
Rosenblum, a co-founder of the trading firm GSR, told Decrypt that this incident acted as a catalyst for Bitcoin purchases. Rosenblum stated, “Political volatility catalyzes Bitcoin purchases, and an assassination attempt on a U.S. presidential candidate is a global affront to democracy, reminding people of the current status quo’s fragility.” His comments underscore the perceived resilience of Bitcoin as an asset that can withstand and even benefit from geopolitical instability.
Recently, Trump has emerged as a strong supporter of the crypto industry, which stands in stark contrast to his opponent, the current President Joe Biden. Trump’s favorable stance towards cryptocurrencies may further boost investor confidence in digital assets, positioning Bitcoin and other cryptocurrencies as viable investment options amid political and economic uncertainty.
Trump’s Winning Odds Skyrocket
Following this incident, bettors on the leading crypto prediction market platform, Polymarket, increased Trump’s odds of winning the election, rising from 60% before the attack to 71% immediately after. Polymarket reported that Trump’s odds hit an all-time high on Saturday. This shift in betting odds indicates that the incident significantly influenced public perception and market sentiment, with potential implications for future political and economic developments.
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