Bloomberg: Trump family's cryptocurrency assets plummet, with some projects dropping over 90%

According to Bloomberg, the cryptocurrency projects promoted by the Trump family have suffered a severe blow, with declines far exceeding those of mainstream assets like Bitcoin. On Tuesday, American Bitcoin, a crypto mining company co-founded by Eric Trump, plummeted 50% in a single day, down 75% from its peak.

The World Liberty Financial token WLFI, co-founded by President Trump and his son, has fallen 51% from its early September high; Alt5 Sigma, promoted by Trump's son, has dropped about 75%; and the memecoins named after the president and his wife Melania have decreased by approximately 90% and 99% from their January highs, respectively. In contrast, Bitcoin has only declined about 25% during the same period.

American University law professor Hilary Allen pointed out that the rapid devaluation of the cryptocurrency projects launched by the Trump family has failed to bring the expected legitimacy to the industry. The collapse of these projects has resulted in a loss of over $1 billion in the Trump family's wealth and has shaken market confidence in both cryptocurrency assets and the president himself.