Trump was found guilty of falsifying documents: the reaction of the crypto market and consequences for the election campaign
Date: 2024-05-31 Author: Oliver Abernathy Categories: IN WORLD
Judgment and sentence
On May 30, 2024, a New York jury found entrepreneur and US presidential candidate Donald Trump guilty of falsifying business records. This is the first time a former US president has been convicted of a criminal offense. NBC News reports that the jury reached its verdict after more than nine hours of deliberation. The final verdict will be handed down on July 11, 2024, and Trump faces penalties ranging from a fine to four years in prison.
The prosecutor's closing statement
In his closing argument, Attorney Joshua Steinglass emphasized that the law applies equally to everyone, regardless of their status:
“The law is the law and it applies to everyone equally. There is no specific standard for this defendant.”
The reaction of Trump and his team
Trump has categorically denied the allegations, saying the trial was rigged and led by a corrupt judge. His lawyer, Todd Blanche, filed a motion for acquittal, which was denied by the judge.
Impact on the election campaign
Despite the conviction, experts believe that the verdict will not prevent Trump from continuing his election campaign. Even if jailed, the appeal process could take many months, allowing him to remain free. Former US Attorney and legal analyst Chuck Rosenberg noted that Trump could continue to participate in the elections and even be elected to the presidency of the United States.
Crypto market reaction
The court's decision had an impact on the cryptocurrency market. The TRUMP memecoin, created around the image and political campaigns of Donald Trump, reacted with a fall. The token price dropped below $11.5, but later partially recovered and was trading around $13.5, according to TradingView.
At the same time, the Joe Boden memecoin (BODEN) rose more than 10% in the last 24 hours, reaching $0.37, but then its price dropped to $0.29.
Polymarket platform
On the Polymarket platform, where you can bet on various events using crypto assets, the majority of participants continue to predict Trump's victory in the election. After the verdict was announced, 54% of traders bet on Trump, while 40% bet on Joe Biden.
Elon Musk's participation
Bloomberg previously reported that the owner of the social network X (formerly Twitter) and billionaire Elon Musk advised Donald Trump on digital assets. However, Musk denied this information. According to the Arkham Intelligence platform, the value of Donald Trump's crypto assets has exceeded $10 million, most of which is accounted for by TRUMP tokens.
The ruling against Donald Trump and the subsequent reaction from the cryptocurrency market underscore the tension and instability surrounding his re-election campaign. Despite the legal challenges, his support among voters remains strong, which could influence the outcome of the upcoming elections.
