Earlier in July, the crypto market was in a slump due to the German government selling off Bitcoin. Bitcoin’s price had once fallen below $54,000 and was fluctuating below $60,000. However, following the incident, Bitcoin’s price surged by over $1,000 within half an hour, and then broke through the $60,000 mark very quickly.
Surviving the assassination has positioned Trump as “the chosen one,” and the photo reminiscent of the famous painting “Liberty Leading the People” has cemented his hero image. This incident has tipped the scales further in Trump’s favor. Given his pro-crypto stance, the higher his chances of winning the election, the more positive the outlook for the crypto market. The significant price hike reflects the heightened sentiment within the crypto community. With current market liquidity still low, sentiment greatly influences prices, and Trump has become the biggest source of market sentiment for the crypto space.
This week, Trump, with his right ear bandaged, continued to advocate for cryptocurrencies. He confirmed again his attendance at the 2024 Bitcoin Conference in Nashville, Tennessee, where he will deliver a speech. Additionally, he announced Ohio Senator JD Vance, a long-time crypto supporter, as his vice-presidential candidate. In a recent Bloomberg interview, Trump reiterated his support for cryptocurrencies, citing the crypto industry is “good for the country”. Increasingly, prominent figures in the crypto world, including a16z co-founder Marc Andreessen and Messari founder Ryan Selkis, are backing Trump. These positive signals have driven Bitcoin to climb, even surpassing $66,000 at one point.
Trump-themed meme coins have also seen a resurgence. While established Trump-themed meme coins like MAGA and TREMP surged, and new ones inspired by the assassination incident, such as FIGHT and EAR, have emerged. HTX has listed several Trump-themed or U.S. election-themed meme coins, including MAGA, TREMP, FIGHT, and PEOPLE.
Trump has almost single-handedly lifted the crypto market from its slump. With the presidential campaign ongoing, there is still much potential for him to influence the market. His vice-presidential candidate, Vance, is also a strong ally of the crypto community. He has previously advocated for a more lenient regulatory approach to digital assets and has criticized SEC Chair Gary Gensler multiple times. He is also a Bitcoin holder, making him a valuable asset in garnering support from the crypto community. How much more sentiment can this duo bring to the crypto world? Will Trump become a milestone figure in the history of cryptocurrencies? Time will tell.
Note: This article does not constitute investment advice.
The post first appeared on HTX Square.
