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Donald Trump Memecoin Soars 52% After Assassination Attempt
Following an assassination attempt on former President Donald Trump at a rally in Butler, Pennsylvania, several Trump-themed memecoins and his election odds on prediction markets surged. The largest Ethereum-based memecoin, MAGA (TRUMP), spiked over 30%, from $6.31 to $10.36, increasing its market capitalization from $293 million to $469 million in less than 45 minutes. Other memecoins like Tremp (TREMP) and MAGA Hat (MAGA) also saw significant gains. Trump's odds of winning the next election on Polymarket rose from 60% to 68%, while President Joe Biden's odds dropped from 30% to 15%.
BlackRock Achieves Record $10.6 Trillion AUM Fueled by Inflows into ETFs
BlackRock has achieved a new milestone with assets under management (AUM) surpassing $10.6 trillion, marking a $1.2 trillion increase year-over-year. This record-breaking growth is attributed in part to significant inflows into exchange-traded funds (ETFs), according to CEO Larry Fink. The firm's ETFs saw unprecedented inflows at the start of 2024, contributing to their best-ever performance. BlackRock's dominance extends to the cryptocurrency market as well, notably with the iShares Bitcoin Trust (IBIT), holding $19.4 billion in Bitcoin and commanding a 35.2% market share among US Bitcoin ETFs.
Celsius to Liquidate Tokens and NFTs After Settlement with KeyFi Founder Jason Stone
Celsius has reached a settlement with KeyFi and its founder, Jason Stone, after a prolonged legal dispute. Under the agreement, KeyFi will transfer various assets to Celsius, including tokens and hundreds of valuable NFTs like CryptoPunks and Fidenzas, as well as proceeds from a Mutant Ape Yacht Club sale held in escrow. In return, Celsius will pay up to $800,000 and provide a rare NFT. The assets will be liquidated over the next twelve months, with Celsius making an initial payment of $300,000 and sharing 10% of the liquidation proceeds with KeyFi, potentially reaching a cap of $500,000 due to the inclusion of high-value NFTs.
Trading Desk Insights
The cryptocurrency market experienced a significant rally on Monday, with BTC surging by up to 5% to exceed $63,000. This rise comes amidst growing optimism for the digital asset sector under a potential Trump presidency. Since hitting a low on July 5th, BTC has increased by over 17% in just 10 days, returning to positive territory. Although Trump has yet to outline specific plans for cryptocurrency regulation, he is now perceived as a supporter of the sector despite his previous skepticism. Trump is scheduled to speak at a major annual Bitcoin conference later this month.
The likelihood of Donald Trump regaining the presidency reached a record high on Saturday, according to data from Polymarket, following an incident at a Pennsylvania rally. Traders on the platform now assign a 70% probability to his success in the upcoming November election. Prediction markets are considered reliable indicators of sentiment, as participants are financially motivated to conduct thorough research and provide honest assessments. Trump-themed Polifi tokens, such as TRUMP, TREMP, and MAGA, also saw significant gains after the incident.
In the U.S., Bitcoin ETFs saw substantial inflows totaling $310.1 million, led by financial giants BlackRock and Fidelity. The week's total inflows surpassed $1 billion, indicating a robust positive sentiment within the industry.
BlackRock, the world's largest asset manager, announced that its AUM surpassed $10 trillion in the second quarter. BlackRock is currently the largest public holder of BTC through its iShares Bitcoin Trust ETF (IBIT), which now holds over 300,000 BTC.
Stock futures rose on Monday as investors assessed the impact of the assassination attempt on former President Donald Trump and prepared for a significant week of corporate earnings. While the incident involving Trump, the Republican presidential candidate, has the potential to heighten political tensions in the U.S., investors speculated it could boost Trump's and the Republican Party's standing in the polls ahead of the November election. Additionally, investors are focusing on the upcoming second-quarter earnings reports, which could serve as a new catalyst for a market that has reached record highs this year.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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