Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%
The Secret Service has been surveying New York prisons as potential sites for the incarceration of former President Donald Trump following his indictment on multiple felony charges. This news coincided with a 3% drop in Bitcoin (BTC) price.
Bitcoin Price Declines Amid Donald Trump’s Legal Issues
The Secret Service, tasked with lifelong protection of former presidents, assessed New York’s correctional facilities. This move comes amid charges against Trump involving the falsification of business records. Donald Trump, who faces 34 felony counts, could be sentenced to a significant prison term. Each charge carries a potential four-year sentence.
Moreover, Manhattan Prosecutor Duncan Levin highlighted the unusual nature of the case, given Trump’s former presidential status. He noted that while the trial presents unique challenges, the potential for a prison term remains real and immediate.
The legal troubles have stirred market reactions, notably impacting cryptocurrency valuations. Bitcoin, a leading digital currency, witnessed a 3% decline, dropping to $67,763. The currency’s fluctuation was marked by a 24-hour trading low of $67,450 and a high of $70,181.
Furthermore, Donald Trump’s legal team has vigorously defended him, describing the key witness as unreliable. In their closing arguments, they pressed for a swift acquittal, arguing against the credibility of the prosecution’s case. Meanwhile, Federal Judge Aileen Cannon recently denied a request for a gag order against Trump in a related classified documents case, criticizing prosecutors for inadequate engagement with the defense.
Trump Aims to Make U.S. Crypto Hub
The former U.S. President, who is considering a comeback, has recently pledged to bolster support for Bitcoin and other cryptocurrencies. Donald Trump expressed his determination to position the U.S. as a dominant force in the burgeoning cryptocurrency industry, ensuring it remains a hub for crypto innovation rather than seeing its growth move abroad. He also emphasized his commitment to preventing the introduction of Central Bank Digital Currency (CBDC) in the country.
In related news, Donald Trump’s investments in cryptocurrencies have notably increased, surpassing $10 million. This significant boost in his crypto portfolio was largely attributed to the sharp increase in the value of the MAGA (TRUMP) memecoin, in which he has invested more than $7 million. His advocacy for digital currencies contrasts with his caution against centralized digital financial systems.
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