An assassination attempt on former President Trump at a rally boosts the crypto market, with Bitcoin rising by 4% and PolitiFi Tokens gaining momentum and touching nearly $1 billion in market cap.
Quick Take
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The top PolitiFi coins hold a market cap of over $900 million, showing a 3.7% decline in the last 24 hours after rallying past $1 billion over the weekend.
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Bitcoin price surges above $62,000, sparking market recovery.
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MAGA (TRUMP) shows a breakout, gaining as much as 64% over the weekend before stabilizing.
A recent assassination attempt on former United States President Donald Trump during an election rally in western Pennsylvania has sent shockwaves through both political and financial spheres. The incident, which occurred on Saturday, involved a bullet grazing the upper part of Trump’s right ear. Despite the violence, Trump, known for his pro-crypto stance, had a positive ripple effect on the crypto market, with PolitiFi Tokens showcasing strong momentum.
Following the news, Bitcoin saw a 5% increase, surpassing the $62,000 threshold after a week-long slump. Concurrently, the global cryptocurrency market capitalization escalated by 4.2% to stabilize at $2.41 trillion, with a significant 24-hour trading volume of $69.6 billion.
Amidst this political turmoil, PolitiFi Tokens provide a fresh buying opportunity. Trump’s speech at the upcoming Bitcoin 2024 conference is now expected to have a more profound impact on the market.
MAGA (TRUMP) Sees 40% Weekly Gains
MAGA (TRUMP) price chart | Source: KuCoin
The MAGA (TRUMP) cryptocurrency, also known as MAGA Memecoin, is a satirical token inspired by former U.S. President Donald Trump’s famous campaign slogan, “Make America Great Again.”
Amid the recent market upswing, the TRUMP price correction bottomed at $5 and rebounded utilizing an ascending trendline in daily charts. The dynamic support intact since March 2024 prevents the asset from a major correction and provides suitable accumulation points.
The bullish turnaround uplifted the MAGA Coin to $9.37 before dipping to $7.47, registering a 40% growth weekly, while the market cap stands at $348 million. The rising price recently breached the downsloping trendline, signaling the end of the correction trend. The post-breakout rally can bolster buyers to rechallenge the all-time high of $17.8.
Read more: Donald Trump Memecoin MAGA Price Soars 64% Following Assassination Attempt
Other Trump-Based Memecoins Also Rally
Top PolitiFi memecoins’ market cap and trading volume | Source: CoinGecko
Trump’s election odds on prediction markets and several other Trump-themed memecoins soared following an assassination attempt on the former president while he was speaking on stage at a rally in Butler, Pennsylvania.
Several other Trump-themed memecoins also rallied on the news. Solana-based memecoin Tremp (TREMP) jumped more than 63% in the hour following the news, while another memecoin dubbed MAGA Hat (MAGA) briefly spiked 21% within the same timeframe.
Trump was speaking on stage at a rally in Butler, Pennsylvania, when several shots were fired from an unknown direction. Trump clutched his ear as the shots sounded, dropping to the ground as US Secret Service agents rushed to protect him.
While being whisked off the stage by his security detail, Trump asked them to pause while he raised his fist and shouted toward the crowd.
An official spokesperson from Trump’s campaign told the Associated Press that the former president was “fine” following the incident and was undergoing medical treatment at a local facility.
“President Trump thanks law enforcement and first responders for their quick action during this heinous act,” spokesman Steven Cheung said in a statement. “He is fine and is being checked out at a local medical facility. More details will follow.”
Read more: Top PolitiFi Tokens to Watch During the US Presidential Elections
Trump’s Election Odds Soar on Polymarket
2024 election forecast on Polymarket | Source: Polymarket
Speculators on the Ethereum-based prediction market Polymarket were quick to place their bets as well, with Trump’s odds of clinching a victory in the upcoming election jumping from 60% to 68% immediately after the assassination attempt, according to Polymarket data.
Meanwhile, President Joe Biden’s predicted odds of winning reelection fell from 30% to 15%. Trump now stands as the clear favorite on the prediction market, with overall odds of 70% compared to just 15% for Biden and 9% for Vice President Kamala Harris.
Trump, formerly a skeptic of cryptocurrencies, has changed his tune on Bitcoin and other digital assets in recent months. On June 14, Trump declared he would bring an end to the Biden administration’s “war on crypto” if elected president.
This was not the first time Trump had criticized Biden for his harsh stance on crypto while on the campaign trail. On May 26, he argued that the US must not settle for anything but the top place in the crypto industry.
Trump Reportedly 'In Good Spirits,’ Will Still Attend Nashville BTC Conference
Former United States President Donald Trump still plans to speak at the Bitcoin Conference in Nashville, Tennessee, despite having survived an assassination attempt on July 13 in Pennsylvania. This, according to David Bailey, one of the event's organizers and the CEO of Bitcoin Magazine.
Bailey posted the news on X.com on the morning Friday, July 14 stating that he’d “just spoken with the President’s team,” referring to Trump, and that the former president was “in good spirits.” He added that Trump was “excited to see you all in Nashville and deliver a speech that is heard around the world.”
The former president committed to speaking at the conference earlier in the week, prior to the assassination attempt. The event runs from July 25 through July 27, with Trump slated to speak on July 27.
Conclusion
The assassination attempt on former President Donald Trump has not only stirred political waters but also impacted the cryptocurrency market significantly. Bitcoin's surge past $62,000 and the notable gains in PolitiFi tokens like MAGA (TRUMP) highlight the intertwined nature of political events and market dynamics. As Trump continues to influence the market with his pro-crypto stance, investors are eyeing potential opportunities in PolitiFi tokens, particularly with the upcoming Bitcoin 2024 conference.
However, it is crucial to approach these investments with caution. The volatility of the cryptocurrency market, exacerbated by political events, poses significant risks. Prices can fluctuate wildly, and what might seem like a lucrative opportunity can quickly turn into a loss. Always perform thorough research and consider the inherent risks before diving into the crypto market.
