Over the weekend, there was an assassination attempt on Republican presidential candidate Donald Trump during a rally in Pennsylvania.
The dramatic incident resulted in an iconic image of the candidate with a blood-stained face, a raised fist, and a waving American flag.
However, that wasn't the only significant event of the day. Cryptocurrencies experienced a major surge, with Bitcoin reaching over $65,000.
Furthermore, there is a growing belief that Trump now has a 71% probability of winning the presidential race.
Bitcoin Price Pump Following Trump Assassination Attempt
For many weeks, Bitcoin's price suffered from a consistent decline, reaching as low as $53k, with the broader crypto market suffering the same fate.
According to data from CoinMarketCap, Bitcoin and the entire crypto market are having a comeback.
The fear and greed index went from fear to neutral and there are chances of it going to greed.
Bitcoin buys surged massively after Trump survives assassination | CoinGecko
Moreover, the overall trading volume saw a 130% increase to more than $97 billion.
On the other hand, Bitcoin price went from $53k to $65k within days.
At the time of writing, there's a 13% increase in Bitcoin's price in the last seven days. Moreover, it has reduced the deficit of the past month to only 1%.
Other cryptocurrencies, such as Ethereum, XRP, and Dogecoin, have bounced back.
Ethereum is now at over $3.4k with a market cap of $415 billion, while XRP and Dogecoin have increased by 34% and 18%, respectively, in one week.
Trump Biden Polls Shows Signs for Reelection
In November 2024, the United States will have another chance of electing a new president.
Donald Trump and Joe Biden are the two frontrunners of their respective parties. However, since the shooting incident in Pennsylvania, the chances of Trump winning the election increased.
According to data from Polymarkets, the crypto-based exchange has $257 million in bets, showing a 71% chance of a Trump victory.
Before the assassination attempt, the chances were 55%. In fact, observers are comparing the attack to that of former President Ronald Reagan, which is giving Trump an edge over Biden.
Moreover, many voters are already doubting Joe Biden's capabilities.
Concerns about his health are making even his long-term supporters question his ambition to run for a second term.
How Will The Crypto Industry Benefit from Trump?
Trump is pro-crypto and has already made promises of plans he has for the industry, assuming he is reelected.
Ever since Biden took office as president, there's been persistent hostility toward the crypto industry, with the president openly disapproving of it. Thus, many crypto enthusiasts are against the idea of voting for Biden.
Moreover, Trump says he will stop Biden's policies against crypto.
“I will also stop Joe Biden's crusade to destroy crypto. We will stop him. I will make sure that the future of cryptocurrency and the future of Bitcoin happens in the United States, not overseas. I will support self-custody. To the 50 million crypto owners in the nation, I say: With your vote, I will keep Elizabeth Warren and her cronies away from your bitcoins, and I will never allow the creation of a central bank digital currency,” Trump had vowed.