Cryptocurrency Surge: Bitcoin and Ethereum on the Rise
Our editorial content is rigorously vetted by top industry professionals and experienced editors to ensure the highest quality. This article contains advertisements.
Bitcoin and Ethereum: Recent Market Movements and Insights
In a remarkable turn of events, Bitcoin and Ethereum have witnessed a substantial price increase, drawing attention from both investors and notable figures like Eric Trump. Over the last day, Bitcoin has soared beyond the $120,000 mark, while Ethereum has peaked at $4,330—its highest since 2021. This rally has been particularly harsh on short sellers, with Ethereum alone seeing liquidations in the hundreds of millions of dollars.
Advertisement Banner
Why Betting Against Bitcoin and Ethereum Might Be a Risky Move
The recent price surge of Bitcoin and Ethereum has provided a platform for Eric Trump to emphasize the mounting optimism around these leading cryptocurrencies. The Trump family has been notably active in the cryptocurrency domain during this market cycle.
Eric Trump took to the social media platform X to express his views, stating, “It puts a smile on my face to see ETH shorts get smoked today. Stop betting against BTC and ETH – you will be run over.” His message was clear: betting against these cryptocurrencies, especially after such significant price actions, is a risky venture.
His comments came as Ethereum experienced a powerful rally, eliminating over $212 million in short positions for traders who miscalculated the market’s direction, as per Coinglass data. Bitcoin’s breach of the $120,000 resistance further strained bearish traders, showcasing that the momentum currently favors the bulls.
By spotlighting these developments with Bitcoin and Ethereum, Eric Trump not only reveled in the misfortunes of short sellers but also hinted that the upward trend might have more room to run.
The Trump Family’s Growing Influence in the Crypto Space
Eric Trump’s enthusiastic endorsement of Bitcoin and Ethereum aligns with a broader trend within the Trump family, which has increasingly embraced digital currencies in this cycle. They have ventured into the crypto world by launching $TRUMP and $Melania memecoins and establishing World Liberty Financial with its USD1 stablecoin and $WLFI token. Additionally, they have secured substantial investments to expand their crypto endeavors.
Reports suggest that World Liberty Financial is reaching out to major tech and crypto investors to raise $1.5 billion, aiming to form a public company to hold its WLFI tokens. Furthermore, the Trump family has entered the crypto mining sector through American Bitcoin, collaborating with Hut 8 to construct a strategic Bitcoin reserve. According to Bloomberg, Eric Trump’s stake in American Bitcoin could be valued at $367 million once it goes public in the coming weeks.
On the regulatory side, President Trump recently signed an executive order that allows cryptocurrencies in 401(k) retirement plans, potentially accelerating mainstream adoption significantly.
Currently, Bitcoin is trading at $121,670, while Ethereum is priced at $4,280, according to trading data.
Our Editorial Commitment
At bitcoinist, our editorial process is focused on delivering meticulously researched, accurate, and unbiased content. We adhere to stringent sourcing standards, and each article is thoroughly reviewed by our team of leading technology experts and seasoned editors. This ensures that our content remains reliable, relevant, and valuable to our readers.
