Bitcoin, Ethereum, Dogecoin Drops As Trump's 'Crypto Czar' Announces Oversight Committee: Eric Trump Says 'Great Time' To Add ETH

Bitcoin, Ethereum, and Dogecoin prices have experienced a decline following the announcement of a new regulatory oversight committee by Donald Trump's newly appointed "Crypto Czar," David Sacks. The committee, which is bipartisan and bicameral, aims to establish a regulatory framework for digital assets. Meanwhile, Eric Trump, the former president's son, has taken to social media to suggest that now is a "great time" to add Ethereum (ETH) to one's portfolio.



The market reaction to the news has been mixed, with some investors expressing concern about the potential impact of increased regulation on the cryptocurrency market. However, others see this as an opportunity for the industry to gain greater clarity and stability, which could ultimately lead to increased institutional investment and adoption.



Bitcoin, the largest cryptocurrency by market capitalization, has seen its price drop by approximately 2.96% to $98,240.17. Ethereum, the second-largest cryptocurrency, has also experienced a decline, falling by around 4.15% to $2,735.57. Dogecoin, a popular meme-based cryptocurrency, has dropped by approximately 7.19% to $0.2649.



Despite the recent declines, some analysts remain optimistic about the long-term prospects of cryptocurrencies. Rekt Capital, a leading cryptocurrency analyst, expects Bitcoin to consolidate between $98,300 and $101,000 in the near term. Similarly, Ali Martinez suggests that Bitcoin is trading within a broader range between $90,900 and $108,500, with no clear directional trend.

Michaël van de Poppe, another prominent cryptocurrency analyst, offered a contrarian view regarding Ethereum's prospects following Eric Trump's comments. He stated that the most hated trade is usually the best trade to take, and if Trump bets massively on ETH, it's almost foolish to not follow that route at these valuations.

In conclusion, the recent declines in Bitcoin, Ethereum, and Dogecoin prices can be attributed to the announcement of a new regulatory oversight committee by Donald Trump's "Crypto Czar." While some investors are concerned about the potential impact of increased regulation, others see this as an opportunity for the industry to gain greater clarity and stability. Despite the recent declines, analysts remain optimistic about the long-term prospects of cryptocurrencies, with some expecting Bitcoin to consolidate within a specific range and Ethereum to potentially benefit from increased attention.