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Trump Meme Coins Plunge After Conviction

Trump-themed meme coins suffered significant losses after the former president’s conviction on 34 felony charges, highlighting the volatile nature of these niche assets.

• Main Points:

  • Meme Coin Crash: TRUMP coin fell from $15 to $11, partially rebounding to $14.50.

  • Market Sensitivity: Other Trump coins like MVP, STRUMP, and MAGA dropped 20%, 15%, and 14%, respectively.

  • Contrast: Biden-themed coins rose in value following the verdict.

• Detailed Insights:

  • Market Reaction: TRUMP coin lost 25% initially. Other Trump coins like MVP, STRUMP, and MAGA also saw significant drops.

  • Stable Coin: Doland Tremp (TREMP) remained stable.

    Broader Impact: Trump Media & Technology Group shares fell 8%.

Trump’s legal issues have impacted the market, with significant drops in Trump-themed assets and a potential shift in voter sentiment.

Related: Trump Explores Bitcoin to Tackle US Debt Crisis

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Bitcoin Price Eyes Key Level for Monthly Close

Bitcoin needs to close above $69K to confirm a breakout, says new analysis.

• Main Points:

  • Critical Threshold: BTC must flip $69K from resistance to support.

  • Current Status: Bitcoin is near its monthly close in the green but below the $73,800 high.

  • Expert Opinion: Keith Alan of Material Indicators highlights $69K as pivotal.

  • Market Reaction: BTC/USD traded around $67,900 as of May 31.

  • Historical Context: Bitcoin is on track for its first positive May in four years with a 12% gain.

• Detailed Insights:

  • Key Resistance: $69K aligns with major sell-side liquidity.

  • Market Sentiment: A close above $69K would signal a new upward leg.

  • Recent Activity: Bitcoin has faced repeated rejections at $69K.

  • Performance Metrics: Despite Q2 struggles, Bitcoin has gained nearly 70% in 2024.

Related: Bitcoin Traders Await US Macro Data as BTC Stalls at $67K

Elon Musk: Crypto Can Empower People

Tesla and SpaceX CEO Elon Musk has denied reports of advising former President Donald Trump on cryptocurrency. Musk clarified on social media that he has not discussed crypto with Trump, but he supports the idea of crypto shifting power from the government to the people.

• Main Points:

  • Musk Denies Trump Crypto Talks: Elon Musk has not discussed cryptocurrency with Donald Trump.

  • Supports Crypto for Empowerment: Musk believes crypto can shift power from government to individuals.

  • Trump’s Pro-Crypto Stance: Trump promises to protect and promote cryptocurrency.

  • Musk’s Crypto Holdings: Musk owns Bitcoin, Ether, and Dogecoin; Tesla and SpaceX also hold Bitcoin.

• Detailed Insights:

  • Musk’s Position:

    • Denies advising Trump on crypto.

    • Advocates for crypto's potential to empower people.

  • Trump’s Campaign Promises:

    • Stop Biden’s anti-crypto policies.

    • Support self-custody of crypto.

    • Oppose a central bank digital currency (CBDC).

    • Accept crypto donations through Coinbase.

    • Plans to free Ross Ulbricht.

  • Trump’s Evolving View:

    • Shifted from being a crypto critic to a supporter.

    • Recognizes Bitcoin's influence and promises to shape crypto's future in the USA.

  • Musk’s Crypto Involvement:

    • Known as "Dogefather" for Dogecoin advocacy.

    • Owns significant amounts of Bitcoin, Ether, and Dogecoin.

    • Tesla and SpaceX hold substantial Bitcoin reserves.

    • No plans to create new crypto tokens.

Related: Elon Musk was amazed by Cathie’s revealed the true power of Bitcoin!

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results