ormer President Donald Trump was not hurt after shots were fired on Sunday near his Mar-a-Lago residence in Palm Beach, Florida, on September 15th, 2024. While the incident had no relation to the cryptocurrency market, that did not stop the financial world from reacting: Ethereum saw extended losses, falling to $2,260 in just a moment.
Safety of Trump Confirmed
The Palm Beach Police Department responded as calls came in about shots fired outside the Mar-a-Lago estate. According to reports, the shooting occurred at 2 pm EST. The nature of the incident, while still under investigation, has been confirmed not to have resulted in any injuries.
Authorities say they believe the shooter identified as Ryan Wesley Routh, 58, was targeting Trump. According to Donald Trump Jr. –son of the former president– an AK-47 rifle was recovered at the scene. Routh fled but later turned himself in to law enforcement.
Crypto Market Moves
News of the incident had stirred a wave of fear and uncertainty in the crypto markets. Ethereum, the second-largest cryptocurrency by market capitalization, plunged 6% within hours of the news. The fall was pinned to:
- Fear of political instability: With ongoing political tensions in the United States, the incident furthered the sense of unease that daunted investors.
- FUD: The incident catalyzed FUD in the crypto market, which saw some sell-off as investors tried to reduce their risk exposure.
- Concerns Over Rate Cut: The recent interest rate hike decision by the Federal Reserve contributed to market volatility. Some investors interpreted the incident as a probable catalyst for further rate hikes that might hurt the crypto market.
ETH had fallen, but not alone; other cryptocurrencies were in the red. Ethereum is currently trading at $2,292, declining by 5% from the previous day. However, the magnitude of the fall of ETH showed its sensitive tendency to events transpiring around the globe and investors' sentiments.
