Since October last year, trillions have evaporated from the cryptocurrency market, creating headwinds for President Trump ahead of the midterm elections. Trump has branded himself the “Crypto President” and has pursued crypto-related initiatives through his family business. Bitcoin rose from around $70,000 to above $125,000 after his election, but recently dipped into the low $60,000s, highlighting market volatility and the sector’s sensitivity to political signals.
Carl Runefelt, a crypto influencer, argued that Trump was drawn by the prospect of Bitcoin reaching $300,000 but ultimately warned that his stance harmed the crypto space. Another influencer noted that Trump had claimed he would not owe taxes on crypto profits, a remark that some took as implying windfall gains could be erased.
News that WLFI, a Trump-affiliated project, sold large quantities of Bitcoin intensified supporter anger. In the downturn, the family-led sell-off underscored perceived crypto fragility. White House spokesperson Caroline Leavitt said there is no conflict of interest and that Trump has helped position the U.S. as a global crypto hub and promote innovation.
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