Failed Assassination Attempt On Trump And Market Reactions

Elon Musk And Justin Sun Rally Behind Trump After Assassination Bid

In a rather surprising twist, former U.S. President Donald Trump escaped an assassination bid that occurred during a political campaign in Pennsylvania on July 13. The occurrence that involved Trump sustaining a slight injury on the right ear has had implications on the political arena and cryptocurrencies.  After an assassination attempt on the 45th President of the United States, Donald Trump, the cryptocurrency market showed fluctuations, particularly notable in Bitcoin and meme coins like MAGA.

What's the News?

On July 13, an assassination attempt on Donald Trump’s life occurred during a rally and the attacker sustained a minor injury. This particular event sparked controversy in the financial markets, including cryptocurrencies. Bitcoin reached $60,000, and altcoins also went up. The meme coin MAGA associated with the TRUMP campaign, increased by 60% and the market cap exceeded $415 million. The event impacted financial markets and changed views on Trump’s political prospects revealing higher chances for his presidency.

However, the campaign team of Trump said that he is okay and will be attending the Republican National Convention starting from Monday. The crypto community is closely observing these processes as Trump has been quite supportive of cryptocurrencies in the past. His planned speech at the Bitcoin 2024 Conference later this month also remains a subject of discussion with the event’s coordinators affirming that Trump is still planning to deliver a speech at the event.

Elon Musk and Justin Sun's Stances Post Attack

In the wake of the assassination attempt, two prominent figures in the tech and crypto world have publicly endorsed Trump. Tesla and SpaceX founder Elon Musk actively used social media platform X to endorse Trump and to wish him a fast recovery.

Following Musk's lead, Justin Sun founder of Tron also endorsed Trump stating that he believes Trump is "a better choice for the crypto industry and can ensure fairer treatment."

Impact of this Attack on Bitcoin

The cryptocurrency market was quick to react to the news with Bitcoin rising to $60,000 within the same day of the incident. This sharp increase shows that the market is very responsive to political occurrences, particularly those concerning politicians who support the use of cryptocurrencies like Trump.

Most notably, the TRUMP meme coin, MAGA, surged by an impressive 60% and the market capitalization of the asset went past $415 million. The trading volume of the coin increased by a thousand percent on a daily basis, proving the demand for everything associated with Trump.

Conclusion

The failed assassination attempt on Donald Trump has unexpectedly become a catalyst for movement in the crypto markets. As the U.S. presidential race heats up, the incident has thrust Trump back into the spotlight and seemingly strengthened his position among crypto enthusiasts. As the situation unfolds, all eyes will be on how these developments might shape the future of crypto regulation and adoption in the United States.

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