Ethereum Plummets 45% After Eric Trump's Advice, Market Cap Drops 10.5%

The cryptocurrency market experienced a significant downturn, with Ethereum (ETH) being one of the most affected assets. The total crypto market capitalization dropped by 10.5%, and Ethereum's price plummeted below the $1,500 mark, marking a substantial decrease. This crash has led to widespread criticism of Eric Trump's recent crypto advice, as well as Donald Trump's aggressive tariff policies.

Eric Trump's crypto advice, given in early February, suggested that it was an opportune time to buy Ethereum. This recommendation was met with skepticism from the community, with some members, like Bitcoin purist Pierre Rochard, advising against investing in Ethereum. Additionally, there were concerns that Eric Trump's investment firm, World Liberty Financial, had plans to sell $175 million in ETH, raising suspicions about the timing of his advice. Eric Trump had also recommended buying Bitcoin during a dip, but BTC has since dropped nearly 13%.

Since Eric Trump's recommendation, Ethereum's value has decreased by almost 45%, with a significant portion of this decline occurring in a single day, as the daily Ethereum price decrease reached 17.5%. Ethereum is now trading at $1,492, marking a 30.27% decrease over the past 30 days and a 69.4% drop from its all-time high of $4,878. This crash has drawn reactions from market veteran Peter Schiff, who cautioned against taking investment advice from the Trumps. Schiff's X post read, “Yes, it’s best not to take any investment advice from the Trumps.” However, some community members criticized Schiff for his biased opinion.

This is not the first time that Donald Trump's crypto recommendations have been met with criticism. His advice to buy the TRUMP and MELANIA meme coins resulted in explosive growth initially, but the coins were soon pumped and dumped, leaving investors with significant losses. Many now accuse the Trumps of market manipulation for personal gain, especially considering Eric Trump's role in World Liberty Financial and the timing of his Ethereum recommendation.

While Eric Trump has advocated for various crypto investments, including Bitcoin, Solana, Cardano, Ripple, and their own “Official Trump” token, the value of these cryptocurrencies has decreased since his recommendations. This has led to the advice that investors should be cautious about following the Trumps' investment advice, as it may not always align with their best interests.