Bitcoin and Ethereum fall on Donald Trump’s second assassination attempt

Bitcoin (BTC) and Ethereum (ETH) prices dropped following another assassination attempt on Republican presidential candidate Donald Trump.

CoinMarketCap data shows that Bitcoin lost nearly 3.4% in the last 24 hours. At the time of writing the world’s biggest cryptocurrency is trading under $58,200, losing its footing at $60,200 about 24 hours ago.

Ethereum data similarly shows that its price fell by nearly 4.5% over the last 24 hours. The cryptocurrency that unleashed smart contracts on the world is currently trading at $2,300 after falling from over $2,400 24 hours ago.

The drop in the prices of major cryptocurrencies follows the second attempt on Trump’s life. On Sept. 16, United States Secret Service agents opened fire when they spotted a suspect with a firearm at the Trump International Golf Course in Palm Beach, near the former president’s Mar-a-Lago resort home.

The gunman was hiding in bushes near the property line when he was discovered by Secret Service agents securing holes ahead of where Trump was playing. After they fired, the suspect fled the scene in a car, dropping his weapon, two backpacks and other items. A suspect believed to be the same man was later detained by authorities.

The FBI has responded to West Palm Beach Florida and is investigating what appears to be an attempted assassination of former President Trump. pic.twitter.com/ORhVJi43Tm

— FBI (@FBI) September 15, 2024

The timing of the news around the second attempt on the former president’s life largely coincides with the markets dropping. Min Jung, an analyst at Presto Research, told crypto news outlet The Block:

“While it is difficult to say that the price drop is directly related to the assassination attempt on [Donald] Trump, the timing does coincide with a sharper move lower in crypto markets. […] However, we believe this is more likely due to crypto giving up the gains seen on Friday, which were not experienced by equities, and a broader risk-off movement ahead of the FOMC meeting.”

Global charts show that the total cryptocurrency market cap dropped from $2.1 trillion 24 hours ago to $2.01 trillion at the time of writing. This is equivalent to $90 million leaving the crypto market, decreasing its size by nearly 4.3%.

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