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Bitcoin Skyrockets on Trump’s Election Chances, Along with MAGA-Themed Tokens and NFTs
Since the attempted assassination of Donald Trump at a rally in Pennsylvania over the weekend, Bitcoin has risen 9%. As of Wednesday afternoon EST, the currency is trading around $64,500, according to CoinGecko dataThe skyrocketing price appears to be tied to the belief that the near-victory has further increased the chances of crypto-friendly leaders winning the White House in November.
In light of the shooting, prediction markets have swung in Trump’s favor. For example, since Saturday, Polymarket, the world’s largest prediction market, has increased its 70% forecastSimilarly, PredictIt has increased the former president’s chances at 67%. Research suggests that prediction markets, where traders buy stocks in the outcome they think is most likely, may be a “better predictor” of political outcomes, on average. Meanwhile, at betting site BetOnline, Trump’s odds are -300 to retake the White House, which equates to a 75% probability.
Markets react
Evidence of the cryptocurrency market’s growing consensus on Trump’s victory extends far beyond Bitcoin.
In the stock market, shares of Trump Media & Technology Group Corp reflected growing confidence that the company’s majority owner will become chairman. Between Friday and Monday, the stock price jumped 48%. Cryptocurrency-related stocks have also been rising since markets closed on Friday: Monetary base Global Inc. by 13%, Marathon Digital Holdings Inc. by 20% and MicroStrategy Inc. by 12%, to name a few.
Trump-themed meme coins are also gaining traction. Memecoins can be seen as a countercultural corner of cryptocurrency; the playful and volatile coins are taken by storm by online communities during viral moments. Super Trump ($STRUMP) is trending, ranking third for the most searched cryptocurrency on CoinGecko. The token has has increased by 38% in the last weekand the MAGA coin ($TRUMP) It also increased by 15%The popularity of Trump-themed coins can, similar to prediction markets, serve as a signal for political outcomes.
Meanwhile, Trump Digital Trading Cards, an NFT collection, have spiked in popularity. The floor, or lowest listed, price of the Polygon-based token doubled from $230 in the moments before the shooting to $518 a few hours later, NFT marketplace data Magical Eden shows. The base price is currently around $423.
The “crypto-president”?
On a broader level, Bitcoin rebounded in response to the cryptocurrency market anticipating a Republican administration that would favor digital assets. Trump presented himself as “president of cryptocurrencies,” and is set to Bitcoin title 2024 in Nashville next week, the industry’s largest conference with over 30,000 attendees. He also named J.D. Vance as his crypto-friendly running mate this week.
According to his Senate financial information Last year, Vance held between $100,000 and $250,000 in Bitcoin on the cryptocurrency exchange Monetary base. At current market prices, that’s a figure between $136,000 and $390,000. Also, Politico reported last month that Vance was circulating a draft bill that would revamp the way the U.S. regulates digital assets. His plan would overhaul how the SEC and CFTC oversee the cryptocurrency market and make current policy more favorable to the industry.