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As a Result Of Trump's Indictment, NFT Prices Have Rallied

March 31, 2023
minute read

As a result of a Manhattan grand jury's decision Thursday to indict Donald Trump for the charges of bribery and obstruction of justice, the price of Donald Trump's nonfungible tokens have surged. This is the first time in American history that a former or serving president has faced criminal charges.

In the Trump Digital Trading Card collection, Trump is depicted in costumes such as a cowboy, a basketball player, and a superhero, which is called the Trump Digital Trading Card. According to Trade Algo data, on Thursday the floor price of the collection items, which is the lowest price for the collection items, went up over 20% Thursday, reaching 0.6 ETH, or approximately $1,098 based on the ether price at present, before declining to around 0.56 ETH.

According to data provided by Trade Algo, the number of ETH sold for the NFT collection over the past 24 hours grew by more than 400% from the previous day to around 107 ETH, an increase of more than 400% from the day before. 

As the indictment hasn't yet been unsealed, specific charges against Trump were not immediately clear. However, the Manhattan district attorney has alleged Trump broke the law by making a hush-money payment to porn star Stormy Daniels during the 2016 presidential campaign, which was not a clear indication of what the charges were.

Several months ago, a major announcement was promised by then President Trump entitled the Trump NFTs and they weren't delivered. As a result, there have been a lot of reactions to the project - and they have sold out already.

There have been reports of Donald Trump's NFT collection selling out within a single day of its launch (December 2022)

In 2016, the government charged that former White House lawyer Michael Cohen paid Daniels, whose real name is Stephanie Clifford, $130,000 through a shell company in order to prevent her from talking about what she allegedly had with Trump back in 2016. 

According to Trump's organization, Cohen was reimbursed for the payment as a legal expense, which was listed in the Trump Organization's books. 

A year and a half later, Cohen was sentenced to prison for tax evasion charges and two campaign finance violations on federal charges that he pleaded guilty to in 2018. Aside from denying any wrongdoing on his part, Trump has also denied that he ever had an extramarital encounter in the first place.

While the crypto prices were plummeting hard, Trump promoted it on his social media platform Truth Social when the NFT collection was launched in December, while crypto prices were hitting a nine-year low. 

In an interview conducted by collecttrumpcards.com, the website at which the NFTs were sold, it was stated that all proceeds from NFT sales would not be used as a source of financing for Trump's 2020 campaign.

We were unable to get a response to any enquiries sent to a spokesperson for Trump's presidential campaign of 2024. 

According to CoinDesk, according to the most recent data, Bitcoin BTCUSD, 0.86% is trading above $28,500 today, continuing its upward trend over the past 24 hours. There has been an increase in the price of Ethereum over the past 24 hours to $1,832, up 2.8% from yesterday.

Cathy Hills
Associate Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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