Bitcoin Hits $60K and Political Memecoins Surge as Assassination Attempt Bolsters Trump Re-election Odds

Highlights:

• Bitcoin hits $60K after the assassination attempt on Trump.
• Trump-themed memecoins surged while Biden memecoins faced significant declines as news broke.
• Speculators on Polymarket raise Trump’s election odds; Musk endorses Trump after rally attack.

Bitcoin surged to a $60k resistance line following reports that US presidential candidate Donald Trump had been shot during his campaign rally in Butler, Pennsylvania, on Saturday. After the incident, his campaign stated that he was “fine” and eager to attend the Republican National Convention in Milwaukee on Monday.

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Appears he’s ok; pumping his first here. My lord, this is crazy pic.twitter.com/N5Mp8Ible1

— @jason (@Jason) July 13, 2024

The incident resulted in the death of a suspected gunman and a spectator. Photos and video footage showing Trump defiantly pumping his fist in the air with blood on his face circulated on social media. Trump has expressed strong support for crypto on the campaign trail. He will speak at a Bitcoin conference in Nashville this month and pledged to stop the Biden administration’s “crackdown” on the industry.

Bitcoin Hits $60K Amid Assassination Attempt on Trump

Bitcoin, previously trading around $58,000 that day, surged past $59,000 following reports of the shooting. As of writing on Sunday, it reached $60,149, surpassing the $60,000 milestone. Bitcoin had not traded at this level since July 3.

Donald Trump-Related Crypto Tokens Surge

The prices of several Trump-themed memecoins surged on the news. According to DexScreener data, the Ethereum-based MAGA memecoin surged from $6.31 to $10.36 shortly after the assassination attempt, increasing its total market capitalization from $293 million to $469 million in under 45 minutes. As of the time of writing, MAGA was trading at $9.62, marking a 55% increase in the past 24 hours.

Solana-based memecoin Tremp (TREMP) surged over 63% within an hour of the news, while another memecoin called MAGA Hat (MAGA) briefly spiked 21% during the same period. On the other hand, BODEN, a meme asset named after Biden, dropped approximately 16% in 24 hours to $0.0342.

Trump’s Election Odds Soar on Polymarket

Speculators on Polymarket, an Ethereum-based prediction market, swiftly increased their bets. Trump’s odds of winning the upcoming election surged from 60% to 70% right after the assassination attempt, based on Polymarket data. Meanwhile, the predicted odds of President Joe Biden winning reelection have dropped from 30% to 16%.

Elon Musk ‘Fully Endorses’ Trump After Deadly Rally Shooting

The attack on Trump provoked strong reactions from public figures. Elon Musk, CEO of Tesla and SpaceX, publicly voiced his support for Trump, expressing hopes for the former president’s swift recovery. “Musk said, “I fully endorse President Trump and hope for his rapid recovery.” While Musk had not explicitly endorsed Trump before Saturday’s event, he had been vocal about his opposition to President Joe Biden’s re-election.

I fully endorse President Trump and hope for his rapid recovery pic.twitter.com/ZdxkF63EqF

— Elon Musk (@elonmusk) July 13, 2024

Trump also used his Truth Social page to thank the US Secret Service and all law enforcement for their quick response.

He stated:

Most importantly, I want to extend my condolences to the family of the person at the Rally who was killed, and also to the family of another person that was badly injured. It is incredible that such an act can take place in our Country. […] I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin. Much bleeding took place, so I realized then what was happening. God bless America!”

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