Polymarket Suggests Trump Has High Chance of Winning, Potentially Spurring Crypto Rally
Daily Top Performer — Pepe (PEPE)
Last week, the SPX index was up by 0.86% while investors shifted focus to small-cap stocks and reacted to mixed earnings from major banks like JPMorgan and Citigroup. The market is now awaiting further earnings reports this week. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 1.20% and 1.12%, respectively in the past 24 hours.
Today's top performer is PEPE, which surged 9.1% after memecoin spike post-Trump rally attack.
Pepe (PEPE), launched on April 2023, is a deflationary meme coin on the Ethereum blockchain, inspired by the Pepe the Frog meme. It aims to stand out as a meme-based digital asset with no taxes and no utility, emphasizing its unique connection to the Pepe the Frog character. After an attack at a campaign rally, Bitcoin and Trump-inspired meme coins like TREMP, TRUMP, and MAGA spiked significantly, also boosting other meme coins such as PEPE. Bitcoin hit a weekly high of $59,796. The surge in crypto prices is linked to Trump's pro-crypto stance and expectations that his potential election win could lead to favorable crypto regulations. Following the incident, bettors on Polymarket raised Trump's odds of winning the election.
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Talk of the Town:
Former President Donald Trump is scheduled to speak at an upcoming Bitcoin conference in Nashville, despite a recent assassination attempt in Pennsylvania. The event, known for drawing global attendees, is expected to host about 20,000 people this year, prompting enhanced security measures. BTC Inc. CEO David Bailey confirmed Trump's participation, noting increased collaboration with security teams to ensure safety. Trump's appearance is significant as betting markets like Polymarket suggest he has a high chance of winning the upcoming election, which could spur a broader crypto rally given his increasingly crypto-friendly stance. The conference will also feature other prominent speakers, including Senator Cynthia Lummis and former presidential candidate Vivek Ramaswamy. Recently, Trump has shown support for the crypto community, accepting crypto donations and endorsing Bitcoin mining.
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Spot Bitcoin ETF Flows:
Date | GBTC (M USD) | Non-GBTC (M USD) | Total (M USD) |
08 July 2024 | 25.1 | 269.7 | 294.8 |
09 July 2024 | (37.5) | 253.9 | 216.4 |
10 July 2024 | (8.2) | 155.6 | 147.4 |
11 July 2024 | (37.7) | 116.6 | 78.9 |
12 July 2024 | 23.0 | 287.1 | 310.1 |
Total | (35.3) | 1082.9 | 1047.6 |
U.S. Bitcoin Spot ETFs saw a significant increase in inflows, reaching $310 million on July 12, primarily driven by institutional investors. This marks a five-week high and six consecutive days of positive inflows, with no outflows since July 3. The total Bitcoin held by global ETFs exceeded one million, setting a new record. Despite institutional buying, retail sentiment remains cautious. Meanwhile, Bitcoin's price surged past $60,000 following political developments and a reduced selling pressure from the German government's depleted Bitcoin reserves.
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Airdrop to Watch:
The Grass Closed Beta is entering its final stage, Epoch 7, and is set to conclude soon, potentially leading to the official launch of the Grass platform. While not confirmed, the highly anticipated Grass airdrop is expected to occur after this last epoch, possibly in August. Users are reminded to verify their emails and link their Solana wallets in preparation. Currently, Grass points are valued at $0.0005 each in the Whales market, although this valuation is speculative.
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