Bitcoin Rallies After Trump Assassination Attempt

The recent Bitcoin price drop was caused by heavy selling from the German government and fears that Mt. Gox creditor payments could end up tanking the market. 

But Bitcoin’s back above $60,000 again and more resilient than ever. 

Oh, and before we jump in, expect to get my Proof of Words newsletter in your inbox twice a month. 📧 

That’s right! There is so much going on, and I want to talk about it. So expect a whole lot more from me going forward. 

Bitcoin Rallies After Trump Assassination Attempt 🇺🇸

Donald Trump announced his full support for Bitcoin and other digital assets early last month. 

This sparked a new wave of appreciation and support within the Bitcoin community. He’ll also speak at one of the biggest Bitcoin conferences in Nashville later this month and is heading full steam towards making America great again with Bitcoin. 

However, last week, something unthinkable happened. 

A gunman tried to assassinate the former (and probably next) U.S. President. 

Only by sheer luck, he managed to escape and not get killed. 

Within a few seconds of the attempt, the former President got up and was escorted off stage—not before leaving with the most badass picture of the 21st century. 

He showed resilience, and I’m sure this event will only make him stronger in the end. 

Just like Trump emerged from the circle of Secret Service agents raising his fist after the shooting, Bitcoin did the same. 

Shortly after the assassination attempt, the price of Bitcoin rallied, sending us back over $63,000 again. 

All indicators point to a healthy recovery for Bitcoin and the president, and it’s only a matter of weeks before we’re back up. Nothing, not even a bullet, can stop either of them. 

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The German Government Is Done Selling Bitcoin 🤑

According to a dashboard by Arkham Intelligence, the German government is done selling its 50,000 BTC, which they had seized from an illegal streaming site.  

Within a matter of a few weeks, they dumped the most scarce asset on Earth in exchange for paper money they could print for free. 

Don’t ask me which genius consulted them on this move. 🤷

However, the bigger story isn’t that they sold or that some Bitcoiners decided to have fun and send Bitcoin to their addresses with some hidden message, but rather the ability of the Bitcoin market to withstand such selling pressure.

50,000 BTC was dumped on the market, and sure, the price of bitcoin dropped for a few days because weak hands decided to sell, but within the same time, HODLers, whales, and ETF-issuers bought the dip and leveled the playing field. 

Many feared that this sell-off would trigger massive pain and send us back big time. However, the Bitcoin community proved them wrong again. 

Considering that the market can quite easily eat up a 50,000 BTC dump, it makes me wonder what else the Bitcoin market can handle. 

We’ll see similar things like this again. Maybe it will be another government or large holders next time, but the story always repeats itself. 

After all, Bitcoin is money you can’t f**k with. 

Mt. Gox Creditor Dump Seems to Be Over 📈

The second biggest fear last month was the upcoming payouts by Mt.Gox, where creditors are finally getting some of their Bitcoin back. 

I wrote about this in detail in my last issue of Proof of Words. TL;DR of this one was that the payouts would happen, but I didn’t fear a massive price dump, as most creditors are early Bitcoin investors and likely won’t sell. 

This week, I was proven right. 

On July 5, the rehabilitation trustee announced that payouts had begun and would be executed until October 31. This leaves only four months for all of these Bitcoin to be sent back to creditors and for them to either continue HODLing or selling on the open market. 

Just as I predicted, many of them expressed their feelings on social media. Some of the answers to this Reddit post prove that very few are selling because we’re in the hot phase after the halving, and the potential for more returns is arguably crazy high. 

Sure, there will be some who sell, but considering how fast the market recovered after the German authorities' dump, these sell-offs probably won’t bother anyone. 

Find out How AI Will Help Find More Alpha 📊

The latest episode of my Proof of Words podcast featured Maximilian Pace and Jack Elliott, the first winners of the Bitcoin Alpha competition.  

 Their AI trading fund, Animus Technologies, specializes in data-driven strategies for alternative assets. It uses AI technology to analyze market indicators, on-chain activity, and social sentiment to make precise trading decisions in the volatile world.

It was a fascinating conversation, during which I learned how social sentiment and data can be used to find new investment strategies and why AI will be a massive tool for investors in the future.

Your stacker in sats,

Patrick Lowry