Following Trump's bold response to the failed assassination attempt, bitcoin saw its strongest price increase in three weeks. Concurrently, the pro-crypto candidate's chances of re-election skyrocketed.
This weekend, Republican presidential candidate Donald Trump narrowly escaped a fatal gunshot at a rally in Pennsylvania. His immediate reaction created an iconic image of a raised fist, blood stains on his face, and a waving American flag. The betting markets reacted immediately. The market is now pricing in up to a 70% chance of a Trump re-election. Bitcoin followed with a price increase of +8.91%.
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Guaranteed re-election for Trump?
In November, the United States will once again elect its president for the next four years. Just a few months ago, incumbent President Joe Biden was in a neck-and-neck race with rival Donald Trump. However, concerns about the Democrat's health after the first debate have caused even longtime supporters to doubt his re-election. The failed assassination attempt on Trump - which some observers are comparing to the attack on former President Ronald Reagan - may be the final nail in the coffin.
Over $257 million in bets on the crypto-based exchange Polymarket price in a 71% chance of a Trump victory. Before the attempted assassination, the market was trading around 55%. Meanwhile, former Biden voters are even questioning his candidacy for the Democratic nomination.
Regulatory turnaround for the crypto industry
Since the incident, the price of bitcoin has risen by nearly ten percent. The crypto industry is hoping for a regulatory turnaround under a Republican president. Since Biden took office, various regulators have been fighting over oversight of the crypto sector. The president has fueled this dispute with open hostility. Trump is using the discontent within the industry to garner voters in his campaign. At various rallies, the businessman has stated that he will stand up for the American crypto industry.
"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." - Donald Trump, Republican presidential candidate
