Trump Family Takes One Billion Dollar Hit In Crypto Market

Watch Trump Family Takes One Billion Dollar Hit In Crypto Market - AlArabiya English on Dailymotion

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00:00The Trump family just took a $1 billion hit. What happened exactly and what's the connection

00:05to digital assets? Let's take a look. Over the past few months, the crypto market has wiped out

00:12more than $1 trillion in value, and the Trump family's portfolio was right in the middle of

00:17that storm. First, the Trump-branded cryptocurrency. It's been sliding since August, dropping about 25%.

00:24Then, Eric Trump's stake in a Bitcoin mining venture lost nearly half its value. And it

00:29didn't stop there. Trump Media, the parent company of Truth Social, started accumulating Bitcoin earlier

00:34this year. Its stock has now fallen close to its lowest price ever, adding even more pressure on

00:39the family's holdings. According to the Bloomberg Billionaires Index, the family's net worth tumbled

00:44from $7.7 billion in September to about $6.7 billion. That is a full $1 billion erased, driven mostly by

00:53the meltdown across crypto assets linked to the family. This is happening even though President

00:57Trump has been one of the strongest crypto supporters in Washington. But support from the White House

01:02couldn't stop the sell-off. Since reaching a record in early October, Bitcoin alone has dropped

01:07more than 30%. So what does this all mean? Even for a crypto-friendly administration,

01:12the market seems to move on its own rules.