Donald Trump assassination attempt boosts his odds: Impact on cryptos, economy explained

This past weekend, former President Donald Trump survived an assassination attempt during a rally in Pennsylvania. While delivering a speech, Trump was shot in the ear but managed to stay composed, even pumping his fist in the air as the Secret Service whisked him away.

Although his campaign has confirmed that he's doing fine, this incident has dramatically increased his chances of a victory in the upcoming U.S. presidential elections.

In today’s video, we're diving into the repercussions of this assassination attempt and what a higher chance of Trump returning to the White House means for the markets, the crypto industry, and the broader economy.On Monday, popular cryptos surged by 5 to 6%, led by Bitcoin.

By noon, Bitcoin was up nearly 5% at ₹63,000. This rise can be attributed to Trump's pro-crypto stance, which has fueled positive sentiment in the industry. Trump has consistently criticized the Democrats' regulatory attempts, emphasizing the protection of individual crypto ownership.

His position as a crypto advocate was reinforced during a San Francisco fundraiser in June.Meanwhile, the US Dollar strengthened with analysts expecting the dollar to benefit amid higher odds of a Trump victory in November. IG market analyst Tony Sycamore told Reuters and I quote "The USD is expected to be a beneficiary of the assassination attempt on former President Trump as it increases the chances of his re-election." unquote.

"A bias for a supported, possibly even stronger, USD is likely to play out if the U.S. heads into Trump 2.0," echoed Vishnu Varathan of Mizuho Bank.Under Trump, investors expect tax cuts and looser regulations, especially on issues such as climate change.

According to Bloomberg, the stock market might not derail in the long run due to the assassination attempt, but we can expect some near-term volatility. Investors are anticipating that bank, health-care, and oil-industry stocks could benefit from a Trump victory.

David Mazza, CEO at Roundhill Investments, predicted increased volatility and suggested that investors might seek temporary safety in defensive stock.