Trump crypto leak shocks Bitcoin market, Bitcoin price plummets 300%

Bitcoin prices have soared since the collapse of major Bitcoin and cryptocurrency exchange FTX at the end of 2022. Trump and Biden were warned that this might be the only way to save the dollar.

DJT went public two months ago and its price soared by about 300% after the announcement. Traders are betting that if the Trump campaign does confirm the news, its price could rise further. However, entrepreneur Martin Shkreli later revealed in a leaked message sent to anonymous blockchain detective ZachXBT that he was behind the DJT memecoin, causing its price to plummet.

ZachXBT has accepted a $150,000 bounty from crypto analytics firm Arkham Intelligence to find the identity of the creator of DJT.

DL News reported that an "insider" from the Trump campaign denied involvement. Shkreli has long claimed that he worked with Trump’s youngest son Barron to create a Bitcoin competitor, adding in an X Spaces broadcast that Barron holds most of the cryptocurrency and is the sole beneficiary of the project.

Trump has turned to Bitcoin and cryptocurrencies in recent weeks after making millions through a series of cryptocurrency-based digital trading cards, non-fungible tokens (NFTs). Trump announced his support for cryptocurrencies in late May and began accepting campaign donations in currencies such as Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu.

Earlier this month, Trump launched a cryptocurrency charm offensive at a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya.

The dramatic turn of events for DJT memecoin highlights the volatility and risks of the cryptocurrency market. As more information is revealed, market participants will be closely watching the next moves of these politicians and their impact on the cryptocurrency market.

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