As a seasoned financial analyst with over two decades of experience in global markets, I have witnessed numerous political events that have significantly impacted various asset classes. The events of July 13, 2024, however, stand out as one of the most intriguing and far-reaching occurrences I’ve come across.
The date July 13, 2024 will be etched in the memory of Americans for a long, long time.
Some people may recall the day as a grim reminder of the senseless shooting incidents surrounding the 45th US president, Donald Trump, and the alleged security lapses of the Secret Service. Others, however, will view it as a remarkable turning point. On this day, Trump miraculously survived an attack, sparked significant activity in crypto markets, and regained prominence in the race for the upcoming presidential elections.
An astonishing image surfaced of Donald Trump, aged 78, gritting his teeth and shouting “fight, fight, fight,” while being shielded by secret service agents. Blood trickled from his right ear. Such a photograph could spark chaos, bring down governments, and pave the way for a new era.
The attempted assassination of Trump at a Pennsylvania rally on July 13 caused a global ripple effect. Beyond injuring Trump with an ear wound, this incident tragically claimed the lives of two individuals: 50-year-old bystander Corey Comperatore and suspect Thomas Matthew Crooks, aged 20.
In the previous two days, the criticism of Trump sparked some noteworthy effects on financial markets. The US Dollar strengthened against Asian currencies, the Mexican Peso weakened, and the S&P 500 Index futures for September saw a gain of 0.1%.
Nevertheless, the most notable impact emerged in the cryptocurrency market, which has recently transformed into a contentious arena for a heated presidential contest between former President Donald Trump and current President Joe Biden.
In the span of a day following the attack, Bitcoin (BTC) exceeded $60,000 and reached new heights above $63,000, marking a 4.4% increase. Simultaneously, altcoins such as Ether (ETH), Solana, and others experienced gains of up to 6%. The MAGA (TRUMP) meme coin witnessed an extraordinary surge of nearly 50% within this timeframe.
Based on the cryptic signals from the market, the polymarket website predicted a significant probability of Trump’s victory in the upcoming elections, with an impressive likelihood of 71%, as reported on Monday.
Without a shadow of a doubt, Trump is certain to evoke significant empathy from his devoted supporters as a result of the unprecedented assault against him, which may unexpectedly originate from the cryptocurrency sphere.
How Trump emerged as a frontrunner for crypto voters
Back in April this year, I watched with concern as major U.S.-based crypto exchanges and organizations clashed with the Securities and Exchange Commission (SEC). The tension between them was palpable, and I saw it as an opportune moment for a strong voice to emerge as a guardian of American interests in crypto. I criticized the Biden administration for what I perceived as a hostile stance towards cryptocurrencies, vowing that if elected, I would safeguard every American’s Bitcoins.
Within the Republican Party, also known as the GOP, he vigorously advocated for a favorable stance towards cryptocurrencies. If elected into power, he pledged to appoint supportive figures in the Securities and Exchange Commission (SEC).
Additionally, Trump has voiced his disapproval towards the Biden administration’s strict regulations against crypto companies, particularly those overseen by SEC Chair Gary Gensler. In Trump’s perspective, these regulations are hindering progress. Should he secure another term in office, he intends to establish a more encouraging regulatory climate.
Some prospective candidates under consideration are advocates for a more lenient regulatory approach and distinct guidelines within the cryptocurrency sector, such as Brian Brooks and Hester Peirce.
Trump’s campaign is enthusiastically pursuing the support of crypto enthusiasts by emphasizing the Republican Party’s growing acceptance of digital currencies. This approval encompasses safeguarding the autonomy and creativity inherent in cryptocurrencies, while the GOP has even accepted Bitcoin donations for the presidential election.
Back in 2021, I saw cryptocurrencies as a risky investment, a scam even. They seemed highly volatile, without any tangible foundation to back them up. However, my perspective changed towards the end of 2023. I began noticing growing frustration among crypto enthusiasts and companies due to the stringent regulations imposed by the Securities and Exchange Commission (SEC). This shift in sentiment led me to reconsider my stance on cryptocurrencies.
By 2024, Trump’s cryptocurrency holdings exceeded $10 million, with him frequently expressing concern over safeguarding his crypto investments from potential regulatory actions by the Biden administration.
Market Experts Bank on Trump
Observers in the financial world are of the opinion that the criticism against Trump has provided him with a significant advantage in the ongoing presidential campaign.
Robert Kiyosaki, a well-known writer promoting financial self-sufficiency, made the assertion that Donald Trump will be remembered as America’s most exceptional president.
In a similar vein, Mark McCormick, TD Bank’s head of foreign exchange and emerging market strategy, commented, “The news strengthens our belief that Trump is currently the front-runner for us.”
As a crypto investor, I’ve noticed that the political landscape surrounding cryptocurrencies is evolving. Key figures at Paradigm, including Katie Biber, the chief legal officer, and Alex Grieve, the government affairs lead, have shared their insights in an analysis. They mentioned that Republicans are recognizing the allure of crypto and are advocating for congressional action to establish clear-cut regulations. In simpler terms, Republicans are pushing for laws that provide certainty and consistency in the crypto space.
Can Trump maintain the tempo?
Amidst the stunned reaction to the startling revelation of a planned assassination attempt against Trump, David Bailey, his cryptocurrency advisor and CEO of Bitcoin Magazine, made an unexpected announcement: He would be in attendance at the upcoming Bitcoin 2024 conference in Nashville.
Trump made his first speech following the attack within two days at the Republican Convention in Milwaukee.
Up until now, Trump has managed to keep up the pace with American voters keeping a keen eye on his actions. In contrast, President Joe Biden has denounced the incident and expressed sympathy for the tragic loss of an innocent life. Nevertheless, Biden lags significantly behind Trump in terms of approval within the crypto community. According to the polymarket website, Biden’s odds stand at a disappointing 18%.
Although it’s challenging to predict the winners of the pre-elections on November 4 this year, it’s undeniable that Trump has emerged victorious in the initial round, holding his fist tightly.
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2024-07-15 16:21