Bitcoin sell-off halts Trump family's crypto windfall [View all]

Source: ABC News

President Donald Trump and his family have boasted of going "all in" on cryptocurrencies -- but a recent downturn in bitcoin has pummeled digital asset investors, including the Trumps, who by one estimate have had roughly a billion dollars of their net worth erased in just a matter of weeks.

Bitcoin dropped as much as 8% in trading on Monday, at one point falling below $85,000 -- shedding 30% from its all-time high in early October, when bitcoin was trading at more than $125,000.

Analysts at Deutsche Bank said last week that $1 trillion in value has been wiped out of the crypto market globally since early October. The analysts said traders dumped riskier assets in the crypto sector amid questions about the strength of the economy and stalled momentum on digital asset regulation.

Fueled by the Trump administration's abandonment of several high-profile regulatory challenges to the industry, the price of bitcoin and other digital assets soared in the months following Trump's inauguration, bolstering the Trump family's net worth by hundreds of millions of dollars, according to an ABC News analysis.



Read more: https://abcnews.go.com/US/bitcoin-sell-off-halts-trump-familys-crypto-windfall/story?id=128035773