As a long-term crypto investor with a keen interest in market trends and industry news, I’ve closely followed the recent developments surrounding the 2024 U.S. presidential race and its potential impact on the cryptocurrency market. The announcement of endorsements from influential figures like Elon Musk and Justin Sun, coming shortly after the failed assassination attempt on former President Donald Trump, has certainly added an interesting twist to this year’s election campaign.
Elon Musk, CEO of Tesla, and Justin Sun, founder of Tron, have recently expressed their support for former US President Donald Trump in his bid for the White House. This endorsement follows the unsuccessful attempt on Trump’s life that occurred on July 13.
Crypto Figures Taking a Side
Over a prolonged period, this forthcoming election has been viewed as significant for cryptocurrencies. Preceding this event, Donald Trump experienced an assassination attempt from a young man of 20. Despite these tumultuous occurrences, the market has shown remarkable resilience. This persistent trend signifies a strong belief in Donald Trump among industry participants.
The cost of Bitcoin has risen by over 1.77%, reaching a new level of $59,659. Ethereum, the leading altcoin, experienced a growth of approximately 1.07%, resulting in a price of $3,184. At the time of writing, Donald Trump’s memecoin, MAGA (TRUMP), demonstrated an impressive surge of over 50%, with a value of $8.27.
In the retail sector, there was a collective consensus. Simultaneously, influential figures within the industry voiced their opinions. On X, Elon Musk expressed his support for Donald Trump, alongside wishes for a swift recuperation.
I fully endorse President Trump and hope for his rapid recovery
— Elon Musk (@elonmusk) July 13, 2024
Justin Sun, the founder of Tron, posted the same message on X, expressing his belief that this person is more suited for the crypto industry and will promote fairness.
It’s debatable whether this position holds water, given the Biden Administration’s efforts to strike a balance on crypto issues to attract voters. The Polymarket Odds indicate that there’s a 71% chance Donald Trump will win the presidency again, compared to Joe Biden’s 17%. (Months before the election)
The views of those who might cast a ballot in the election, but are not definitively stated as doing so, tend to be reflected in the overall tone of crypto market projections.
Elon Musk Setting Crucial Blueprint
Justin Sun’s behavior strongly recalls Elon Musk’s actions. Similar to Musk acquiring Twitter and renaming it X, Sun is also seriously considering buying a Chinese social media platform equivalent to Weibo.
As an analyst, I’ve noticed that just a few hours apart, Elon Musk publicly endorsed a post about Donald Trump on X, and the Sun followed suit by endorsing Trump as well. It’s clear what the Sun did, but it’s uncertain how many other crypto leaders will be influenced by Musk’s endorsement and officially support Trump as a result.
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2024-07-14 18:23