On May 26, the cryptocurrency market experienced a significant rise after former US President Donald Trump promised to pardon Ross Ulbricht, the founder of the “Silk Road” dark web market. This announcement, made at the Libertarian Party National Convention in Washington DC, had an immediate and dramatic impact on several altcoin projects, especially FreeRossDAO (FREE) and AssangeDAO (JUSTICE).
Altcoin FREE increased tremendously
According to CoinGecko, immediately following Trump’s announcement, FreeRossDAO (FREE) increased by more than 200 percent, reaching $0.0003698. Later, the token rose as high as $0.002101 and recorded an increase of 1816.9 percent in 24 hours. Now it is up 640%. This rise reflects the impact on the market of Trump’s promise to pardon Ulbricht if he is re-elected president.
Ross Ulbricht was sentenced to two life terms plus 40 years in prison in 2015 for creating and operating the “Silk Road” dark web marketplace used for anonymous drug dealing from 2011 to 2013. Trump emphasized that Ulbricht had already served 11 years in prison and that he wanted to see him released. This remark resonated with many who held “Free Ross” signs and cheered enthusiastically.
Trump’s view on cryptos
Aside from his remarks on Ulbricht, Trump used his platform to express his support for the cryptocurrency industry. Criticizing current President Joe Biden’s administration for taking a hostile stance towards crypto, Trump stated that Biden wants the industry to “slowly die.” As Kriptokoin.com reported, Trump promised to halt steps that could stifle the industry for the nearly 50 million cryptocurrency holders in the United States and block the creation of a central bank digital currency.
Trump’s recent statements mark a significant change in his stance, as he increasingly shows his support for the crypto industry. Trump’s acceptance of cryptocurrency donations for his campaign further underscores his warming attitude towards the industry.
AssangeDAO also participated in the rise
Following the rise of FreeRossDAO, AssangeDAO (JUSTICE) also experienced a significant increase in value. CoinGecko reported that JUSTICE increased by more than 150 percent in 24 hours, reaching 0.00008383. This token, which supports WikiLeaks founder Julian Assange, benefited from the positive atmosphere created by Trump’s statements.
Trump’s statements brought a wave of optimism to the overall cryptocurrency market, as well as specific tokens such as FreeRossDAO and AssangeDAO. Trump’s support for the industry to grow and innovate has provided a potential catalyst for future rallies in the market, contrasting sharply with the current administration’s cautious approach.
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