Donald Trump's Crypto Wallet Grows By $500K In Value Following Trial

Zinger Key Points
  • Trump's crypto holdings have surged to over $13 million, with the largest holding in the TRUMP memecoin.
  • Polymarket bettors estimate a 17% chance of Trump being imprisoned before the November election.

Donald Trump‘s cryptocurrency wallet has grown in value by $500,000 over the past 24 hours.

What Happened: This influx, which includes various tokens such as Ethereum ETH/USD, comes on the heels of a jury’s verdict in New York finding Trump guilty of 34 counts of falsifying business records.

Arkham Intelligence, an analytics platform, reports that Trump now holds over $13 million in cryptocurrencies.

The connection to Trump was established through his financial statements from August 2023.

His largest holding is in the Maga Memecoin TRUMP/USD.

As of May 24, his wallet contained around $7.63 million in crypto assets.

This legal verdict has mobilized Trump’s supporters, who see the trial as a politically motivated attempt to undermine his prospects against President Joe Biden in the upcoming election.

Trump has recently reinforced his support for cryptocurrencies, announcing that his campaign will accept crypto donations.

Meanwhile, following the jury’s decision, crypto enthusiasts have placed bets on the likelihood of Trump being imprisoned before the November election.

Also Read: Is It Time To Buy Bitcoin Mining Stocks?

On Polymarket, a blockchain-based betting platform, the wager “Trump in jail before election day?” has seen over $900,000, with bettors estimating a 16% chance of incarceration before Nov. 5.

This is a decrease from earlier in May, when the odds were 25%.

In the hush-money case, bettors had placed the probability of a guilty verdict at 78%.

The hush-money trial revolves around accusations that Trump falsified business records to conceal hush-money payments made to former adult film actress Stormy Daniels.

Prosecutors allege that in 2006, Daniels had an affair with Trump, which he has denied.

Days before the 2016 election, Michael Cohen, Trump’s then-attorney, purportedly paid Daniels $130,000 for her silence, which Trump later reimbursed, falsely recording the payment as “legal expenses” to hide the true purpose.

Trump faces potential probation or a prison sentence of up to four years, according to the New York Times.

What’s Next: For further insights into the evolving digital assets landscape and how these developments may impact the cryptocurrency market, industry experts will convene at the Benzinga Future of Digital Assets event on Nov. 19.

This event promises to provide a comprehensive understanding of the current trends and future directions in the digital assets sector.

Read Next: Bitcoin Spot ETFs See $48M Inflow As Ethereum Spot ETF Trading Draws Nearer

Image created using artificial intelligence with Midjourney.

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