Trump Assassination May Be Prelude to Crypto Bull Market in Favour of Web3
OnJuly 13, former U.S. President Donald Trump was involved in a shooting incident at a campaign rally in Pennsylvania, an event that not only caused an uproar in political circles, but also had a notable impact on the cryptocurrency market.
Historically speaking, all presidential candidates who have survived an assassination have been successfully elected, and this one puts Trump’s chances of being elected at more than 80%, with his strength, bravery, fearlessness, and loyalty to the American spirit during the assassination have given him unprecedented approval ratings.
And as a staunch advocate of cryptocurrency, the high likelihood of Trump’s election has also led to a quick reaction from his supporters and the market, with the price of Trump-related meme coins rising sharply, by more than 21% on the day of the incident alone, demonstrating the market’s confidence in and anticipation of Trump.
Trump: a staunch advocate of cryptocurrency
Two events that have made FOMO sentiment in the cryptocurrency market high again:
1.Despite his injuries in the assassination, Trump is still scheduled to speak in person at a Bitcoin conference in Nashville later this month, which is a huge boost and step forward for cryptocurrencies, and shows advocates that he is supportive of the crypto market.
This is the first time that the crypto industry has received positive official support from the U.S. in a public forum, which is very significant.
2.The Trump campaign released a 16-page document this week called the “2024 Republican Platform,” and in a section titled “Promoting Innovation,” the platform has two sentences dedicated to cryptocurrencies:
● Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency
● We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets and transact free from government surveillance and control.
These positive policies and statements were quickly reflected in the market. As Trump-related favourable news continues to come out, the related meme coin market has been exceptionally active. For example, CoinGecko data shows that TRUMP tokens have risen as much as 68% in 24 hours, while MAGA and MAGA Hat have risen 30.9% and 30.7% respectively. In addition, the “Trump attack” meme coin FIGHT on Solana rose 4256% in 24 hours, and its market capitalization exceeded $2.5 million. These figures show that the market has reacted positively to Trump’s supportive attitude.
Trump’s assassination may be a prelude to a big bull market, and the future of the Web3 market is worth looking forward to!
The meme coin market, the BTC market, the entire crypto market, the gold market, and the securities market have all been set ablaze by the Trump assassination:
● The Meme market as a whole rose more than 20% after the incident;
● The price of Bitcoin spiked rapidly after the incident, surpassing the $60,000 mark;
● After the incident, the crypto market related tokens such as a short period of time rose sharply;
● After the event, the gold market rose 2% in 3 days, which may not seem like a big increase to you, but realize that gold is now at an absolute all-time high, which is a very significant increase;
● Equity markets showed a more mixed reaction after the event, with brief volatility in the US stock market, especially more pronounced in sectors closely linked to Trump’s policies, such as stocks of energy and crypto-related companies. Market expectations of a possible return to power for Trump led to shares of some companies being sought after, but overall market sentiment remained cautious.
These fluctuations are enough to show that the influence of political events on the cryptocurrency market is gradually increasing.
Looking ahead, the impact of political events on the crypto market will continue. As the 2024 U.S. presidential election approaches, similar events are likely to occur frequently, leading to increased market volatility. Investors need to keep an eye on political movements and allocate assets wisely to diversify risk.
