Political Turmoil Drives Crypto Boom: Trump Incident Sparks Market Rally
Trump Assassination Attempt Captures the Global Headlines as Crypto Prices Soar. Blackrock and Goldman Sachs are Bullish as the ETH ETF is Expected to go Live Imminently.
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The failed Trump assassination attempt has been all over the headlines this weekend and before providing this analysis, my sincere condolences go out to the victims
The impact of the event was notably felt throughout the crypto sphere as Bitcoin pushed up to $65k as news broke that the former President avoided catastrophe
What concerns me about this is that if this had ended tragically then we could have seen an impact akin to the Pandemic on financial markets as the U.S devolved into what could have potentially been a civil war
Why has this increased Trump’s odds of winning? Well if we use Ronald Raegan’s 1984 assassination attempt as a comparison — he ended up winning by a landslide
Elon, Biden and Obama have all publicly endorsed Trump for a speedy recovery and are thankful that this didn’t end badly
In spite of recent events Trump has appointed a VP in J.D. Vance
Vance is pro-crypto & contested Gary Gensler’s approach to crypto regulation:
The fundamentals are setting up a potentially explosive 12 months for crypto
Trump-related memecoins also saw significant pumps with TRUMP up 36%
Bitcoin Supply Fundamentals
Germany has (FINALLY) sold all its bitcoin; further supporting the recent BTC rally
The wallet that used to hold this BTC received a transaction with a message stating “Have Fun Staying Poor” (HFSP)
What’s interesting is that the US government owns $10bn in Bitcoin from the Bitfinex and Silk Road asset seizures:
This is from the top 20 largest wallets by holdings:
Meanwhile, Blackrock further validates the Bitcoin bull case as CEO (Larry Fink) shifts his previously negative opinion to being sold on the benefits of digital gold:
Coinbase still predicts choppy price action in Q3 coming into the election results and as more institutions deliberate over accumulating bitcoin
The ETH ETF may get $1bn monthly inflows according to Kraken which is anticipated to go live this week, as over $100bn of ETH is now staked
Other notable events this week:
The SEC’s regulatory impost eases as it drops the BUSD lawsuit, saying it was a mistake; the Binance stablecoin, issued by Paxos is now decimated in terms of tokens minted/issued therefore arguably losing any possibility of catching the likes of Tether
Goldman Sachs is set to launch 3 tokenization projects further solidifying BSGs thesis that the tokenized asset market cap could conservatively hit $16tn by 2030, with a best estimate of $68tn
MiCA adoption rolls out stringent regulation for exchanges, rigorous compliance monitoring, but transparent and clear guidance for the industry to follow in the EU
NFT Market Volume
ETH NFT volume experiences a slight resurgence this week:
Polygon NFTs soar this week as Courtyard tokenized Pokemon card volume spikes:
Several Super Trump trading cards were also bought up following the iconic image
Solana NFT volume is predominantly Frogana Tensor farming, but Retardio Cousins catch a bid and saw new all time highs, flipping DeGods temporarily
Ethereum NFTs
Mocaverse assets cool off after its TGE last week
Pirate Nation NFTs dip slightly after hitting all time highs, even after the $PIRATE token; The Proof of Play ecosystem token could also be a key driver as to why the price has held up so well following
Forgotten Wizards cool off slightly after their price pump into the favourably received Ronin migration news
Notable NFT Sales
Several Punks trade for over 40 ETH and a Gold BAYC sells for 105 ETH
Bitcoin Shroom #6 sells for just shy of $150k despite ordinals struggling
This timely Trump piece by Bold Leonidas sold for 4 ETH
Active Wallets
Unique crypto monthly active addresses exceed 100 million:
Numbers appear to have exploded since December with Solana leading the charge
News
Cambria announces Play Test 4 with 332k Blast Gold up for grabs
Gangster Arena Season 3 “Crew Wars” goes live imminently with 150k Blast Gold up for grabs — $GREED pumped hard on the announcement
(H/t Mando’s Minutes)
That’s a wrap for issue 81 of S4mmy’s Snippets. I hope you enjoyed it.
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Disclaimer: The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only.
I hold some of the assets mentioned in this newsletter.