TL;DR
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After news broke of Trump getting shot on Saturday, the crypto markets pumped — jumping $40B in a few hours — as it increased his likelihood of winning the election (and he’s pro-crypto).
Full Story
After news broke of Trump getting shot on Saturday, the crypto markets pumped — jumping $40B in a few hours.
Which seems a little…macabre. So why’d it happen?
Our arm chair analysis?
It was this photo.
Looking for a more measured explainer?
In that case, it’d go a little something like this…
Given Trump’s pro-crypto stance, it’s assumed that a Trump win in this year’s election would see increased investment into the crypto sector.
The higher the likelihood he’s re-elected → the more money will be poured into crypto markets ahead of time (as investors try to front run the price increase).
The mixture of sympathy, anger, and political passion that this event stirred up (again, embodied by this photo) was enough to push Trump’s likelihood of winning from 60% to 70% on betting markets in just a few hours.
Alongside that, Bitcoin saw an increase from ~$58.4k to ~$60.3k, Ethereum went from $3.15k to $3.22k, and Solana popped $139 to $146.
Alright, now you know!
