Bitcoin Price Surge Following Trump’s Assassination Attempt

Bitcoin (BTC) rebounded to surpass $63,000 early Monday after former U.S. President Donald Trump survived an assassination attempt during his Saturday rally.

Currently, Bitcoin is trading at $63,008, marking a 4.41% increase in the past day, according to The Block. The broader cryptocurrency market also experienced growth in the last 24 hours: Ether gained 4.99% to $3,366, and Solana increased 5.75% to $153.72. Overall, the crypto market rose 4.17%.

“Trump’s survival of the assassination attempt is seen as boosting his electoral prospects,” said Ryan Lee, chief analyst of Bitget Research.

In recent months, Trump has expressed strong support for the blockchain and cryptocurrency sectors, accepting cryptocurrency donations for his campaign and pledging to support Bitcoin mining from the White House.

Following the news, Trump Media and Technology Group Corp. experienced a staggering 64.4% jump in pre-market trading on Monday.

Trump Memecoins and NFTs Surge

Various Trump-themed memecoins and his official NFT collection also saw significant gains after the attempted assassination.

• The Ethereum-based memecoin MAGA (TRUMP) surged 50% to $9.51 after the attack, while the Solana-based token Doland Tremp (TREMP) soared 85% to $0.73 but later corrected to $8.12 and $0.45, respectively.
• New Solana-based memecoins launched, with Fight (FIGHT) leading the way, gaining over 500% to reach a price of $0.018 and a market cap of $18.1 million. Conversely, other memecoins like The Ear Stays On (EAR) and Trump Wif Ear (WIFEAR) dropped 69%.
• The floor price of Trump’s Polygon-based NFT collection jumped over 125% to 925 MATIC ($500), marking its highest level since March 2023.

Trump’s Commitment to Bitcoin 2024

Despite the assault, Trump reaffirmed his commitment to speak at the upcoming Bitcoin 2024 conference in Nashville later this month. A decentralized prediction market platform, Polymarket, indicates that 71% of users believe Trump will win the presidential election, a significant increase from 60% post-incident. Meanwhile, President Joe Biden’s odds stand at 18%.

In other news, the German government sold its crypto holdings to liquidate 50,000 bitcoins confiscated from an illegal film piracy platform, adding selling pressure in the market. This, coupled with Mt. Gox’s $9 billion payout to creditors, contributed to earlier declines in Bitcoin’s price.

Bitwise CIO Matt Hougan has expressed optimism about Bitcoin reaching $100,000 by year-end due to favorable political attitudes towards crypto, potential Federal Reserve interest rate cuts, and stablecoin market growth.

Updated with additional details on Trump memecoins and NFTs.