Former United States President Donald Trump has been convicted by a Manhattan jury. He was convicted of 34 counts related to hush money. This conviction sparked a real storm in the digital asset markets, particularly cryptocurrencies and NFTs associated with his controversial image.
Cryptos around Donald Trump between rise and fall
The announcement of the guilty verdict initially provoked a dizzying fall of the main cryptocurrencies bearing the image of Donald Trump. In the span of 20 minutes, TRUMP coin collapsed by 35%. It lost $130 million of its market capitalization according to CoinGecko. Other crypto tokens linked to the former president, STRUMP and BABYTRUMP, also suffered significant losses.
The decline in these assets was nevertheless quickly reversed. The TRUMP coin quickly regained ground and was able to display a gain of 6% over 24 hours. Its trading volume has also increased. A spectacular rebound bringing hope for crypto investors, as Trump now shows real support for the crypto ecosystem.
That's not all ! L'analysis performance of the TRUMP crypto-asset also reveals an increase in demand from investors. Even my main token momentum indicators have increased. All this shows that:
- TRUMP's current rally is supported by real demand,
- purchasing activity has outpaced token sales.
Decryption: the TRUMP crypto token is following a strong uptrend.
An impact on Trump’s NFTs?
If cryptocurrencies have been destabilized, NFTs associated with Trump also seem affected (but in a different way). There Trump Digital Trading Cards saw its trading volume drop 99% before the April trial. On the other hand, the price of NFTs from the original edition of this collection increased by 1.22%. It is valued at $319 on the Magic Eden platform.
This resilience of Trump-linked NFTs in the face of legal adversity illustrates collectors' unwavering confidence in the value of these rare assets.
In any case, this major event underlines the close links between the political sphere and the crypto market.
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