Crypto stocks are rising. That’s because of Donald Trump, experts say – Quartz

The assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend has boosted the prices of crypto stocks and cryptocurrencies and some experts say thats because investors are betting on Trump.

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Two days after the attempted assassination, Bitcoin surged by over 10% in a week and over 5% in a day, reaching around $63,000. Other cryptocurrencies followed Bitcoins footsteps, with Ether, the second-largest cryptocurrency by market cap, soaring over 10% in the past week, with more than a 5% jump in a day, trading at $3,300. Other major cryptocurrencies like Solana and Dogecoin experienced a 5.4% and 4.8% increase in value, respectively, in just one day.

In a similar trend, crypto companies shares rose on Monday. In the afternoon, the stock of MicroStrategy, the biggest corporate owner of Bitcoin that holds 1% of all Bitcoin in circulation, jumped over 15%, trading at $1,609. Coinbase, the largest crypto exchange in the U.S., saw an over 12% growth in its stock price. Shares of Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms each increased by over 15%, and Hut 8 Mining increased by over 19%.

Pat Doyle, a Blockchain Researcher at Amberdata, wrote in an email to Quartz that Trump has emerged as a leader in the crypto space, and the market reaction is quite evident. The markets response to the recent failed assassination attempt underscores strong investor confidence in Trumps prospects for winning the upcoming election, he said.

This election year, Trump declared himself as a crypto candidate at a Mar-a-Lago gala and announced that he would accept donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. He no longer considers crypto a scam as he did in the past.

According to Sam Callahan, a senior analyst at Bitcoin financial services firm Swan Bitcoin, the Republican Partys pro-Bitcoin stance has benefited the crypto market and cryptocurrencies in general. He is keeping a close eye on the upcoming Bitcoin Conference, where Trump will speak for the first time.

If Trump speaks about Bitcoins potential as a treasury reserve asset, this could be a milestone moment for Bitcoin adoption in the U.S, he wrote in an email.

Crypto and Trump are very closely aligned now, and theres no doubt that crypto will be a key player in this election. The assassination attempt on the former president is seen as increasing the chances of the Republican nominee winning the presidential election. The crypto community is excited because they believe that it will be beneficial if Trump is elected. The primary election, national conventions, and presidential debates will also play a significant role in determining how the crypto community will react.

Meanwhile, PredictIt, an online betting site, has increased bets on Trumps election win from Fridays 60 cents to 67 cents, while Joe Bidens odds were 27 cents.

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Crypto stocks are rising. That's because of Donald Trump, experts say - Quartz