Crypto Rallies After Trump Shooting & Germany Finishes Dumping Bitcoin

Key Takeaways

• Cryptocurrency prices rallied after the attempted assassination of U.S. presidential candidate Donald Trump. In the hours after this event, Trump’s odds of winning November’s election jumped from 60% to 70%, according to Polymarket.
• Speaking of Trump, last week he was confirmed as a speaker at Bitcoin’s largest annual conference, Bitcoin 2024. His 30-minute speech is scheduled for 2pm CT (7pm UTC) on July 27. This event will likely generate plenty of mainstream attention for crypto.
• The German government seemingly finished selling its stash of nearly 50,000 BTC it seized in late January. While it’s unknown how much BTC was actually sold—and how much is left to be sold—the market will likely stop caring about this story.
• Certain FTX creditors are set to receive $12B–$16B later this year. While this will create some short-term buy pressure, it’s unrealistic to expect all of this to go straight back into the crypto market.
• Among the altcoin updates covered: Solana’s progress on ‘Firedancer’ client and Starknet’s proposal to add a staking functionality to STRK.