The phrase “Sa Kong Myung Ju Saeng Joong Dal (死孔明 走 生仲達)” originates from the Romance of the three kingdoms and means “the dead Zhuge Liang (Kong Ming) drives away the living Sima Yi (Joong Dal).”
While the United States and the world were shocked by the assassination attempt on former President Trump, the asset market was coldly reflecting the incident in its prices. Just as Zhuge Liang and Sima Yi fought life-and-death battles, investors risk their lives in their investments.
According to the global cryptocurrency market platform CoinMarketCap, as of 4:30 p.m. on the 15th, the price of Bitcoin was up 4.83% from 24 hours ago, recording $62,911.06. On South Korean domestic cryptocurrency exchange Bithumb, it was trading at 88,268,000 KRW($63,777), up 4.75% from the previous day.
Ethereum, the second largest cryptocurrency by market capitalization, is also recording $3,360.31 on CoinMarketCap, up 5.17% from the previous day. Excluding stablecoins and Ripple, most top market capitalization cryptocurrencies were generally on the rise. They seem to be recovering to last month’s levels after a sharp decline earlier this month.
Various reasons have been cited for the sudden upward trend, including the assassination attempt on Trump. On July 13, a shooting occurred at Trump’s campaign rally in Pennsylvania. Trump was also shot, and while his life was not in danger, the bullet grazed his ear, causing an injury.
During these events, Trump’s announcement that he would make a Bitcoin 2024 speech positively impacted the virtual asset industry. The price of Trump Coin (MAGA), famous for being Trump’s meme coin, rose more than 40% on July 14.
According to the decentralized prediction market Polymarket, the probability of Trump’s victory in the U.S. presidential election is 71%. It was around 60% until Saturday but surged about 10% after the incident. Various crypto influencers post supportive and endorsing Trump posts on the X.
