#Trump Family Crypto Project Loses Money#
Hot Topic Overview
Overview
The Trump family's cryptocurrency project, World Liberty Financial (WLFI), announced a strategic purchase of tens of millions of dollars worth of cryptocurrencies after Donald Trump was inaugurated as the 47th president of the United States. These purchases included 47 million ETH, 47 million wBTC, 47 million Aave, 47 million LINK, 47 million TRX, and 47 million ENA. Previously, the Trump family launched TRUMP, an official memecoin based on Solana, which caused market fluctuations. However, Trump did not mention cryptocurrencies in his inaugural speech, leading to significant volatility in the crypto market and liquidations exceeding $700 million. Simultaneously, Gary Gensler, Chairman of the Securities and Exchange Commission, resigned, and was replaced by Republican commissioner Mark Uyeda, who is considered to be pro-crypto. Uyeda's appointment is expected to have a major impact on US cryptocurrency regulatory policy.
Ace Hot Topic Analysis
Analysis
The Trump family's crypto project, World Liberty Financial (WLFI), announced on the day of Trump's inauguration the purchase of over $100 million worth of cryptocurrency, including 47 million ETH, 47 million wBTC, 4.7 million Aave, 4.7 million LINK, 4.7 million TRX, and 4.7 million ENA. This move caused market volatility, with Trump's official memecoin, TRUMP, falling as much as 30% during the inauguration, before recovering some of its losses but still ending down about 20% from its intraday high. At the same time, there was anticipation in the market for Trump's administration's cryptocurrency policy, but Trump did not mention cryptocurrency in his inaugural address, leading to disappointment and causing significant price fluctuations in the cryptocurrency market, with over $700 million in liquidations. Furthermore, Trump appointed Mark Uyeda, who is seen as friendly towards cryptocurrency, as the acting chairman of the US Securities and Exchange Commission (SEC), replacing Gary Gensler, who had a more hardline stance on crypto. Uyeda's appointment is seen as a positive signal for the crypto industry, and it is expected to push for more favorable cryptocurrency regulatory policies. However, some analysts believe that the Trump family's crypto project could be a case of hype and market manipulation and could have a negative impact on the crypto market. Despite this, the Trump family's crypto project has captured the attention of the market and sparked speculation about future cryptocurrency regulatory policies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Trump family cryptocurrency project World Liberty Financial (WLFI) purchased over $100 million worth of crypto tokens on Trump's inauguration day, including 47 million ETH, 47 million wBTC, 4.7 million Aave, 4.7 million LINK, 4.7 million TRX, and 4.7 million ENA.
Trump family cryptocurrency project WLFI's move was seen as a sign of Trump's support for cryptocurrency, but it also sparked controversy, with critics accusing Trump of using his position to benefit his family and calling meme coins scams.
Trump appointed Mark Uyeda as acting SEC Chair, replacing anti-crypto former chair Gary Gensler, which was seen as a positive sign for the crypto industry, as Uyeda had supported relaxing regulations for the cryptocurrency industry.
On Trump's inauguration day, the crypto market saw significant volatility, with Bitcoin falling from its high, as the market was disappointed that Trump's inaugural address did not mention cryptocurrency, but in the long term, the market still hopes that the Trump administration will eventually fulfill its promise to support cryptocurrency.