Image by Mitchell Preffer for Decrypt
We thought we’d seen everything the past week had to offer, not to mention Crypto Twitter’s reaction to it all. But on Saturday afternoon, former US president and current Republican candidate Donald Trump was shot at a campaign rally.
Trump survived what the FBI described as an assassination attempt with a wound to his ear. He was rushed to safety by members of the Secret Service while the shooter, identified by law as 20-year-old Thomas Crooks, was quickly removed by state security.
Political leaders across the United States and the world condemned the attack. And amid the anxiety and relief that Trump survived, some business leaders took time to support the Republican nominee.
Twitter owner Elon Musk quickly endorsed Trump after donating to a Trump-centric super PAC, and famous hedge fund manager Bill Ackman and Tron founder Justin Sun they similarly threw their support behind Trump.
The election was made by crypto industry advocates as a battle for the future of cryptocurrency in the United States. And since Trump is a pro-crypto candidate, many traders took his survival and the rising wave of Trump’s support as trading signals.
Bitcoin surged in price immediately after the shooting, while Trump-themed meme coins saw high gains. Trump’s chances of winning the election also jumped on the crypto prediction markets Polymarket, which hit the all-time high around 70% late Saturday.
Earlier in the week, before political violence shocked the nation, the German government unloaded its entire billion-dollar Bitcoin holdings. rapid fire sequence of big selloffs.
Twitter users held their breath, waiting to see if Bitcoin would fall further it already has. But the Crypto Gods were merciful: Towards the end of the week, when Germany removed its last BTC from its currency, Bitcoin started to rise again.
Careful analysts expressed confidence that the world’s crypto currency was in handling situations– not only against the sale of BTC by the German government, but also with the upcoming return of BTC worth billions to the creditors of Mt. Gox.
In typical Crypto Twitter fashion, however, users couldn’t just take the victory and go home. Many turned their holiday into a bad cheer, criticizing the German government for failing to HODL.
Some were convinced that the bottom of Bitcoin was already there, comparing the time to the early 2000s, when gold rose in value after some governments sold their assets.
Meanwhile, amid chaos in Washington and the pressure to build President Joe Biden drop out of the presidential race, crypto has had an unusually prominent week in the national political scene.
The conclusion began on Monday, when Republicans adopted a party platform ahead of the Republican National Convention. crypto that is clearly accepteda first for a major American political party.
Prominent people on Crypto Twitter immediately hailed the platform as exactly what crypto users want from their political leaders.
Later in the week, in a clear reminder of the growing color of the crypto party on Capitol Hill, the House. failed to jump Biden’s veto of a bill that would have allowed American banks to hold crypto.
Crypto policy experts criticized the vote, which failed to attract the large number of democratic voters needed to achieve the high level of veto-proof – but they did not expect that measure, the cancellation of SAB 121, overcome those great difficulties.
However, in another glimmer of hope for a bipartisan consensus on crypto, prominent Democratic lawmakers held a “crypto roundtable” on Thursday to create a fluid discussion with industry leaders. One of Biden’s most trusted advisers, Anita Dunn, attended the meeting, which left many attendees feeling. cautious hope.
Edited by Ryan Ozawa.
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