Bitcoin and MAGA Surge After Donald Trump Shooting
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![Bitcoin and MAGA skyrocketed after Trump rally shooting, while Germany emptied its BTC wallets, and the SEC dropped its case against Hiro's Layer 2 Stacks.](https://cdn.prod.website-files.com/636e894daa9e99940a604aef/66946a6396167c7479213936_bitcoin%20pumps%20after%20donald%20trump%20rally%20shooting.webp)
Bitcoin and MAGA Surge After Donald Trump Shooting
Bitcoin (now above $62.500) and the MAGA meme coin spiked in price immediately after an assassination attempt on former US president and Republican candidate Donald Trump during a campaign rally on Saturday afternoon. Trump survived with an ear injury as the FBI described the incident as an assassination attempt, with Secret Service members swiftly securing him and law enforcement neutralizing the shooter.
Business leaders, including Elon Musk, who recently donated to a Trump-centric super PAC, publicly endorsed Trump, alongside hedge fund manager Bill Ackman and Tron founder Justin Sun. The event highlighted the election's impact on the crypto industry, with Trump's odds of winning surging to an all-time high of around 71% on Polymarket's crypto prediction markets after the incident.
German Government Sent Its Last Bitcoin to Exchanges
As of Friday afternoon, the German government has emptied its Bitcoin wallets, following a series of rapid transfers that began on Monday, according to Arkham Intelligence. Germany moved billions of dollars worth of Bitcoin to exchanges and market makers, seemingly to liquidate assets seized from criminals, associated with the Movie2k.to movie piracy site way back in 2013.
Initially holding around $3.4 billion in Bitcoin a month ago, the wallets had $2.2 billion at the start of this week before being fully cleared. Transfers were made to exchanges such as Coinbase, Kraken, and Bitstamp, and to market makers like Cumberland, indicating the government's intent to sell these assets, although some funds had previously returned to the wallets post-transfer.
SEC Drops Investigation of Hiro's Bitcoin Layer 2, Stacks
The SEC has concluded its investigation into Hiro's Stacks, a Bitcoin scaling layer for smart contracts, without recommending enforcement action, as stated in a regulatory filing by Hiro. The investigation ended on July 9, and Hiro, formerly known as Blockstack, had previously raised $50 million through a token offering under the SEC's Regulation A+ framework in 2019.
Founded by Ryan Shea and Muneeb Ali in 2013 at Princeton University, Hiro's Stacks project is now clear of SEC scrutiny. This decision follows a similar non-enforcement outcome for the SEC's investigation into BUSD after probing Paxos. Since the announcement, the price of Stack's STX token has risen by 20.17% to $1.67 and a market cap of $2.46 billion.
SEC to Allow Some Firms to Bypass SAB 121 Bulletin
According to an insider at the SEC, certain firms can now get around the agency's contentious crypto accounting directive, SAB 121, by demonstrating effective procedures and technology for recovering customer crypto in bankruptcies. Since its inception in March 2022, SAB 121 has prompted discussions between firms and the SEC aimed at crafting new crypto policies.
Criticized for requiring custodians to list crypto holdings as liabilities, potentially limiting banks' ability to safeguard digital assets, SAB 121 faced legislative challenges that were vetoed by President Biden. Discussions are ongoing to modify the guidance to better accommodate well-regulated entities offering crypto custody services, as initially reported by Bloomberg Tax.
Data of the Day
Following MakerDAO's announcement of the Spark Tokenization Grand Prix, aiming to onboard $1 billion in tokenized assets, prominent figures in tokenization, including Nathan Allman of Ondo, Carlos Domingo of Securitize, and Francis Gowen of Superstate, expressed eagerness to participate.
Maker's protocol already holds over $2 billion in real-world asset (RWA) vaults, accounting for nearly half of its assets, per a Dune dashboard. The initiative targets short-duration US T-Bills and similar tokenized products, with the current $2 billion market size indicating Maker's plan could expand it by 50%.
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More Breaking News
- Following a six-day streak of positive net inflows that began on July 5, US spot Bitcoin ETFs have set a new record for cumulative total net inflows of $15.81 billion
- Donald Trump is still going to speak at the Bitcoin 2024 Conference in Nashville, according to David Bailey, CEO of Bitcoin Inc.
- Alexey Pertsev, the Tornado Cash developer who was sentenced to 5.4 years in prison in the Netherlands will remain in jail after his bail request was denied.
- ZAP, a token distribution protocol, has raised $15.1 million in total funding, bringing its valuation to $100 million, according to founder and CEO Francis.
- Bybit and Ignition are teaming up to connect Ethereum Virtual Machine (EVM) and Bitcoin by introducing FBTC, an omnichain asset, pegged 1:1 to Bitcoin.
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