Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%
Highlights
- The Secret Service is evaluating New York prisons for Trump's potential incarceration following his indictment.
- Trump faces 34 felony counts, each carrying a potential four-year sentence.
- Trump's legal issues have caused a 3% drop in Bitcoin's price, falling to $67,763.
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.
Also Read: Breaking: Judge Orders US SEC To Pay $1.75 Million in Debt Box Case
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
