TLDR
- Eric Trump’s recent Bitcoin shoutout on X caused a short-lived spike to $98,000, although it didn't make waves like his earlier Ethereum message did.
- Back on February 4th, his praise for Ethereum came with a 35% price bounce from $2,300 to $2,900 within just 18 hours.
- Trump's investment portfolio features several cryptocurrencies, including Bitcoin, Ethereum, Solana, and Sui, and he's been vocal about Bitcoin's potential to hit the $1 million mark.
- World Liberty Financial, a firm linked to the Trump family, shifted most of its crypto stash to Coinbase, while witnessing its portfolio's value plummet by 90% to $34 million.
- These endorsements come amidst economic jitters triggered by President Trump’s announcements on tariffs, causing widespread market sell-offs.
Eric Trump's now a familiar figure in the crypto market, showcasing his support for Bitcoin on social media venue X on February 6, 2025. His statement, highlighting the promise of Bitcoin, nudged the cryptocurrency's value momentarily above $98,000 before it leveled off near $97,650, marking a humble 0.4% hourly growth.
This latest endorsement follows a pattern of cryptocurrency dialogue from the president’s progeny , who consistently promotes a positive outlook on numerous digital currencies. Nevertheless, the Bitcoin acknowledgement didn’t stir the market as much as his earlier Ethereum comment, which coincided with a market rebound.
Feels like a great time to enter #BTC ! 🚀 @worldlibertyfi
— Eric Trump (@EricTrump) February 6, 2025
During a downturn incited by President Donald Trump's tariff declaration, Eric Trump expressed optimism with Ethereum by posting on February 4, “It’s a great time to add ETH.” Ethereum had seen a 37% dip from its January 31 summit, marking one of its steepest recent declines.
Right after Eric Trump's nod to Ethereum, it rebounded impressively. Within an 18-hour window, Ethereum's value leaped by over 35%, escalating from roughly $2,300 to topping $2,900. As of February 6, it's stabilized around $2,830.
Trump’s ventures into crypto territories transcend mere social media mentions. During a December dialogue with Benzinga, he unveiled his holdings in an array of digital currencies, comprising Bitcoin, Ethereum, Solana, and Sui, expressing staunch faith in the sector's trajectory.
In his keynote at the Bitcoin MENA summit in Abu Dhabi, Trump made audacious forecasts about Bitcoin, suggesting it could surpass $1 million. He described Bitcoin as a new financial frontier with the promise to transform the global economic landscape.
World Liberty Financial, a Trump family-affiliated entity, has been quite active in the digital currency arena. The company amassed a considerable crypto portfolio, purchasing over $70 million worth of assets before Trump's inauguration, swelling their total holdings to $325 million.
Recently, World Liberty Financial has executed significant maneuvers within the crypto domain. The enterprise moved much of its digital currency reserve to Coinbase, inclusive of significant ETH and WBTC quantities, as per Arkham Intelligence data.
The worth of World Liberty's digital asset portfolio has plunged sharply, losing more than 90% to settle around $34 million. This decline mirrors broader market behaviors and strategic realignment choices.
Bitcoin’s current standing contrasts markedly with Ethereum’s situation during Trump's past mentions. While his Ethereum message aligned with exceedingly oversold market conditions, Bitcoin hovers near its all-time highs, limiting drastic reversals.
Cryptocurrency markets persist under pressure amid overarching economic concerns, exacerbated by President Trump's latest tariff pronouncements. Bitcoin has experienced a 7% decline over the last week, according to CoinGecko figures, and struggles to stay above the $100,000 threshold.
In addition to Bitcoin, World Liberty Financial’s portfolio harbors several other digital tokens such as ETH, TRX, and LINK. Their investment tactics and asset management garner the scrutiny of market watchers and crypto enthusiasts alike.
Eric Trump's cryptocurrency endorsements often align with market turmoil phases. His Bitcoin commentary arises amid economic instability, whereas his Ethereum endorsement synchronized with a significant market upswing.
Market insiders have observed the varying influence of Trump’s crypto discourse. While his Ethereum message sparked a substantial price rebound, the Bitcoin endorsement triggered a more subdued market response.
Cryptocurrency stakeholders continue to assess both immediate impacts on prices and the broader implications of high-profile endorsements alongside institutional shifts within the sector. Trump's recent Bitcoin endorsement adds a fresh chapter to the ongoing saga of public figures engaging with digital currency markets.
