Former US President Donald Trump has dipped his toes in the crypto waters and is now pulling out. According to Arkham Intelligence, Trump appears to have sold off a significant portion of his Ethereum holdings, amounting to roughly $2.4 million. This move raises questions about his future involvement in the cryptocurrency market and potential motivations behind the sale.
Here’s the real scoop on the nasty political agenda detected by the intelligence firm.
Last August, blockchain analysts at Arkham Intelligence discovered that Trump had invested a significant $2.4 million in Ethereum. The details revealed a specific sale of 1,075 ETH, with the transaction leading to the renowned exchange, Coinbase.
This wasn’t Trump’s sole venture. He made waves in December 2022 by launching 45,000 NFTs, which generated an impressive $35.4 million in trading volume. The momentum continued into 2023 with subsequent NFT releases, one of which garnered $119,100 within a mere week.
Trump’s involvement in the crypto domain, particularly through NFT INT LLC, stands distinct from his primary business endeavors. A deeper investigation by the Citizens for Responsibility and Ethics in Washington disclosed Trump’s Ethereum holdings at $5 million. Additionally, he earned $4.9 million from NFT licensing fees.
Interestingly, Trump’s Ethereum sales coincided with Ethereum’s price surge of 17%, with its current valuation at approximately $2,352.
The digital community, especially on platforms like X, responded with varied speculations following Trump’s Ethereum sale. While some were intrigued, others speculated about a potential move to the Solana network. Trump, however, has chosen to remain silent about his motivations.
Yet, insights from previous statements hint at Trump’s financial challenges, notably a debt surpassing $100 million due to legal issues. Such context offers a clearer perspective on Trump’s recent crypto activities.
Read More: Ethereum Will Make Millionaires In 2024 – Predicts Crypto Expert Lark Davis
Was this the best choice?
Trump’s crypto moves are still a mystery despite social media talk. We don’t know if it’s a short or long-term change. This situation shows how complicated and uncertain the crypto world is, mixing market changes, personal plans, and other factors in a risky but promising space.
Understanding Trump’s decision teaches us about the challenges faced by famous people and investors in the crypto world. It shows how important it is to adapt and make smart choices in a changing market and financial situation.
Robinhood’s Q1 earnings report showed that the company is heavily reliant on crypto trading, despite…
The U.S. OCC has aligned with other agencies to issue clear crypto regulations under the…
Bitcoin is once again dominating the crypto conversation, not just in price, but in overall…
Rising Bitcoin dominance has continued to reign havoc across the altcoin market amid global trade…
Despite recent market turbulence pulling XRP prices below $2.2, Ripple's ecosystem continues to defy bearish…
Wall Street experts anticipate the Fed to cut its rate later this year to stimulate…
