Trump Attack: Cryptocurrency Market Rekindled, Bitcoin Price Surges

Trump Attack: Cryptocurrency Market Rekindled, Bitcoin Price SurgesThe shooting incident that occurred at a Pennsylvania rally last Saturday, targeting US presidential candidate Donald Trump, has drawn global attention and become the recent focus of the cryptocurrency market. Although Trump only sustained an injury to his right ear and publicly stated his intent to continue his campaign, the incident has sent shockwaves through the US political scene and reignited enthusiasm within the cryptocurrency market

Trump Attack: Cryptocurrency Market Rekindled, Bitcoin Price Surges

The shooting incident that occurred at a Pennsylvania rally last Saturday, targeting US presidential candidate Donald Trump, has drawn global attention and become the recent focus of the cryptocurrency market. Although Trump only sustained an injury to his right ear and publicly stated his intent to continue his campaign, the incident has sent shockwaves through the US political scene and reignited enthusiasm within the cryptocurrency market.

The Impact of Trump's Attack on Election Chances

Following the attack, numerous analysts believe that public sympathy for the victim and anger towards the violence will significantly boost Trump's support. The prediction platform Polymarket indicates that Trump's chances of winning the November election have surged by roughly 10 percentage points, reaching 70%, after the shooting. His opponent, Biden's, chances of winning have further dropped to 18%.

This "sympathy effect" and the increased probability of Trump's reelection are considered to be key factors contributing to the revived enthusiasm in the cryptocurrency market.

Cryptocurrency Market Affected by Trump Shooting Incident

Influenced by the attack on Trump, Bitcoin's price significantly spiked after the incident on Saturday. As of this writing, it's trading over $61,500, marking a new high within the past week, with a 24-hour increase of 3.3%. Ethereum, the second largest cryptocurrency, has also experienced a 24-hour rise exceeding 3.1%, while other smaller tokens have experienced fluctuations. However, the overall cryptocurrency market capitalization has witnessed a 2.42% increase within 24 hours.

Trump's Favourable Policies for the Cryptocurrency Industry

Trump initially expressed his support for the cryptocurrency market during his campaign, declaring, "Let's Make Crypto Great Again," thereby winning the favor of cryptocurrency enthusiasts. To solidify this market's support for him, he also plans to deliver a speech at the Bitcoin conference on July 27th.

Evidently, the crypto industry is currently facing the "torment" of stringent scrutiny policies from the Biden administration, while Trump's ascendancy signifies a potentially more favorable regulatory environment for the cryptocurrency industry.

Analysis of Trump Shooting Incident's Impact on the Cryptocurrency Market

Tony Sycamore, a market analyst at IGAustralia Pty, points out that the attempted assassination has strengthened Trump's chances of reelection, providing momentum for Bitcoin's surge. Analysts at Santiment anticipate greater volatility in the cryptocurrency market, with the price rise mirroring the surge witnessed after the presidential televised debate in June. The broadcast led to a significant increase in market expectations for Trump's victory due to Biden's perceived poor mental state.

QCP Capital revealed in a report that major hedge funds are actively purchasing Bitcoin. Macro sentiment is also positive, with inflation slowing down. The market anticipates a high likelihood of an interest rate cut by the Federal Reserve in September, a trend aligning with the rise of Bitcoin and cryptocurrencies. The firm believes Bitcoin's target price lies between $100,000 and $120,000.

Summary

The attack on Trump has not only shaken the US political scene but also significantly impacted the cryptocurrency market. The increased probability of Trump's reelection and his favorable policies towards cryptocurrencies have provided strong momentum for the market. In the future, as the election approaches, the cryptocurrency market will continue to be influenced by political factors, but its long-term development trajectory will still rely on its fundamental aspects and technological advancements.

The following content expands upon the article's content, offering deeper analysis and perspectives:

Trump's Specific Policies for Cryptocurrencies:

Trump's stance on cryptocurrency leans towards relaxed regulation of the industry and encourages its development within the US. His key policy measures include:

• Supporting the legality of cryptocurrencies in the US and recognizing them as legitimate investment tools.

• Promoting regulatory uniformity for cryptocurrencies, reducing interstate discrepancies and lowering barriers to entry for businesses.

• Encouraging the application of cryptocurrency technology in the financial and trade sectors, viewing it as a tool to foster economic growth.

• Integrating cryptocurrencies into the US tax system, establishing clear tax rules and providing transparent tax guidance for businesses and individuals.

• Supporting cryptocurrency exchanges and payment platforms developed and operated by US companies, promoting the development of US financial technology.

Comparison of Biden's Policies on Cryptocurrencies:

Compared to Trump, Biden's approach to cryptocurrencies is more cautious. His policies tend towards stricter regulation, viewing cryptocurrencies as riskier investment tools. His key policy measures include:

• Strengthening anti-money laundering and counter-terrorism financing regulations for cryptocurrency exchanges, implementing strict reviews of exchanges and wallets.

• Formulating rigorous regulations for cryptocurrency issuance and trading, preventing market manipulation and fraudulent activities.

• Establishing a dedicated agency responsible for cryptocurrency regulation, enhancing regulatory oversight of the cryptocurrency sector.

• Integrating cryptocurrencies into the US financial system but emphasizing their risks and the importance of regulation.

Impact of Trump's Attack on the Cryptocurrency Market:

The attack on Trump has not only sparked increased public support for him but also bolstered investor confidence in his policies, thereby driving up cryptocurrency prices. Additionally, the incident has prompted market concerns regarding uncertainty, leading investors to seek safe haven assets. Bitcoin, as a digital gold, has seen its value increase as a result.

Future Outlook:

As the election draws near, the cryptocurrency market will continue to be influenced by political factors, but its long-term development trajectory will still rely on its fundamental aspects and technological advancements. Investors need to closely monitor political developments and the effects of policies on the cryptocurrency industry.

The following content provides more in-depth analysis and perspectives on the cryptocurrency market:

• Cryptocurrency Market Development Trends: The cryptocurrency market is rapidly evolving, with its applications expanding into areas like payments, finance, gaming, art, and more.

• Future Outlook for Cryptocurrencies: The future cryptocurrency market will be more mature, with more refined regulations, broader applications, and greater recognition of its value.

• Risks of Investing in Cryptocurrencies: The cryptocurrency market is highly volatile and carries considerable risk. Investors should proceed with caution, carefully managing their risk exposure.

Finally, please remember: the opinions expressed in this article represent personal analysis and do not constitute any investment advice.