Trump guilty of 34 charges: What impacts on cryptocurrencies associated with his image?
The former President of the United States, Donald Trump, was convicted by a Manhattan jury. He was found guilty on 34 counts relating to “hush money.” This conviction triggered a real storm in the digital asset markets, particularly on cryptocurrencies and NFTs associated with his controversial image.
Cryptos Around Donald Trump Amidst Ups and Downs
The announcement of the guilty verdict initially caused a dramatic drop in the main Donald Trump-themed cryptocurrencies. Within 20 minutes, the TRUMP coin plummeted by 35%. It lost $130 million in market capitalization according to CoinGecko. Other crypto tokens linked to the former president, STRUMP and BABYTRUMP, also suffered significant losses.
The decline of these assets quickly reversed. The TRUMP coin rapidly regained ground and posted a 6% gain over 24 hours. Its trading volume also increased. This spectacular rebound brings hope to crypto investors, as Trump now shows real support for the crypto ecosystem.
That’s not all! The analysis of the performance of the TRUMP crypto-asset also reveals an increase in demand from investors. Even the main dynamic indicators of the token have increased. All this shows that:
- the current rally of TRUMP is supported by real demand,
- buying activity has surpassed token sales.
Decryption: the TRUMP crypto token is following a strong upward trend.
An Impact on Trump’s NFTs?
While cryptocurrencies have been destabilized, the NFTs associated with Trump seem to be also affected (but in a different manner). The Trump Digital Trading Cards saw its trading volume drop by 99% before the April trial. However, the price of the original edition NFTs in this collection increased by 1.22%. It is valued at $319 on the Magic Eden platform.
This resilience of Trump-related NFTs in the face of legal adversity illustrates the unwavering confidence of collectors in the value of these rare assets.
In any case, this major event highlights the close links between the political sphere and the crypto market.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.