Eric Trump is encouraging people to buy Bitcoin and Ethereum after their recent price drops. He thinks the current lower prices are a great opportunity to invest.
Trump’s Crypto Confidence
Trump, who co-founded American Bitcoin, told his followers on X (formerly Twitter) that now’s the time to buy crypto. He made a similar prediction earlier this year, and since then, Bitcoin and Ethereum have seen significant gains. He believes Ethereum should be worth over $8,000, and his own company’s success is tied to the price of Bitcoin going up. He’s clearly a big believer in crypto!
Big Players Selling?
While Trump’s optimistic, some big names in the crypto world are selling. For example, Arthur Hayes, co-founder of BitMEX, sold off millions of dollars worth of various cryptocurrencies. This adds to the uncertainty some people are feeling. Bitcoin and Ethereum prices have dropped significantly, and other cryptocurrencies have also seen losses. Short-term traders are likely feeling the pinch the most.
Money Flowing Out of Crypto ETFs
Bitcoin and Ethereum exchange-traded funds (ETFs) experienced massive outflows – losing nearly a billion dollars in a single day. While daily figures can be misleading, this large amount of money leaving the market is certainly causing some worry.
The Bigger Picture
Experts are looking at other factors beyond just ETF movements. Slower job growth and new tariffs are causing concerns about the overall economy, which is affecting the crypto market. Long-term Bitcoin holders are used to price swings and expect prices to recover, but newer investors might be more worried by the recent events.