Nfts
Bitcoin Soars on Trump’s Election Chances, Alongside MAGA-Themed Tokens and NFTs
Since the attempted assassination of Donald Trump at a rally in Pennsylvania last weekend, Bitcoin has risen 9%. As of Wednesday afternoon EST, the currency was trading around $64,500, according to CoinGecko. dataThe price surge appears to be linked to the belief that the near miss has further boosted the chances of crypto-friendly leaders winning the White House in November.
In light of the shooting, prediction markets have swung in Trump’s favor. For example, since Saturday, Polymarket, the world’s largest prediction market, has increased its planned at 70%. Similarly, PredictIt has strengthened the former president’s chances at 67%. Research suggests Prediction markets, where traders buy stocks based on the outcome they believe is most likely, can be on average “better predictors” of political outcomes. Meanwhile, on the betting site BetOnline, Trump’s odds of winning back the White House are -300, which equates to a 75% probability.
Markets react
Evidence of the cryptocurrency market’s growing consensus that Trump will emerge victorious can be seen far beyond Bitcoin.
On the stock market, shares of Trump Media & Technology Group Corp reflect growing confidence in the presidency of the company’s majority shareholder. Between Friday and Monday, the stock price jumped 48%. Cryptocurrency stocks are also up since the close of trading on Friday: Coinbase Global Inc. by 13%, Marathon Digital Holdings Inc. by 20% and MicroStrategy Inc. by 12%, to name a few.
Trump-themed meme coins are also booming. Meme coins can be considered a countercultural corner of crypto; the playful, volatile coins are flocked to by online communities during viral moments. Super Trump ($STRUMP) is trending, ranking third for the most-searched cryptocurrency on CoinGecko. has climbed 38% over the past weekand the MAGA coin ($TRUMP) is also up 15%The popularity of Trump coins, like prediction markets, can serve as a signal for political outcomes.
Meanwhile, Trump digital trading cards, an NFT collection, have seen a surge in popularity. The floor price — or the cheapest listed price — of Polygon-based tokens doubled from $230 moments before the shooting to $518 just hours after, according to data from the NFT marketplace. Magical Eden shows. The floor price is currently around $423.
The “crypto president”?
On a broader level, Bitcoin has rebounded in response to the cryptocurrency market anticipating a Republican administration that is expected to favor digital assets. Trump has presented himself as the “crypto president” and is set to Bitcoin title 2024 Next week in Nashville, the industry’s largest conference with over 30,000 attendees. Also this week he named JD Vance as his pro-cryptocurrency running mate.
According to its Senate financial disclosure Last year, Vance had between $100,000 and $250,000 in Bitcoin on the cryptocurrency exchange CoinbaseAt current market prices, that’s between $136,000 and $390,000. Additionally, Politico reported Last month, Vance circulated a bill aimed at revamping digital asset regulation in the United States. His plan would overhaul how the SEC and CFTC police the cryptocurrency market and make current policy more favorable to the industry.