Bitcoin
Bitcoin price surges, meme coins surge after Trump attack at rally
The price of Bitcoin surged on Saturday immediately after reports that former US President Donald Trump – the likely Republican nominee for the 2024 election – was attacked at a campaign rally in Pennsylvania.
Bitcoin surged from a price of $58,337 to $59,796 in less than an hour, according to data from CoinGecko. That’s the highest price Bitcoin has hit in the past week, although it has since fallen to $59,524 at the time of writing.
But Bitcoin’s gains look incredibly modest compared to the biggest Trump-inspired meme coins, all of which saw dramatic increases in prices after the news broke. As of this writing, TREMP has held the biggest gains, rising 71% in the past 24 hours to a price of $0.66. TRUMP is up 39% today, while MAGA is up 33%.
Trump was speaking at a campaign rally when loud noises that sounded like gunshots or explosions erupted, and the former president put his hand to his ear. He dropped to the ground and was immediately surrounded by Secret Service agents before he got up with blood on his face.
The Secret Service said Trump is safe. CNN reports that law enforcement sources are treating the incident as an assassination attempt, and that sources within the Secret Service say the shooter was killed by the agency.
Meme coin prices are highly volatile and can be influenced by social media sentiment and real-world events — so it’s no surprise that Trump-inspired tokens have jumped. But why would Bitcoin’s price rise after this news?
Trump has been vocally supportive of cryptocurrencies in recent months, setting him apart from his challenger in the upcoming election, incumbent President Joe Biden. Surviving an apparent assassination attempt, some crypto investors and punters hope it will benefit his campaign in the coming months — and if he wins the election, crypto advocates expect smoother regulatory navigation than they would in a second Biden term.
Bettors on the leading cryptocurrency prediction market platform Polymarket has increased Trump’s chances of winning the election, jumping from a 60% chance before the attack to 71% shortly afterward. It currently stands at 67%, with Biden given a 15% chance by bettors. Polymarket said Trump’s odds hit an all-time high on Saturday.