"Eric Trump's Tweet Boosts Bitcoin Past $98K"

Bitcoin surged past $98,000 during Asian trading hours on Thursday, following a tweet from Eric Trump, son of former U.S. President Donald Trump, encouraging investment in the cryptocurrency. Eric Trump posted on X at 1:41 UTC, "Feels like a great time to enter BTC, @worldlibertyfi," which coincided with a price increase from $96,900 to $97,830. Micro CME futures even topped the $98,000 mark, according to data source TradingView.

Earlier in the week, David Sacks, Trump's AI and crypto czar, had stated that the Trump administration was evaluating the feasibility of a strategic bitcoin reserve. However, this news disappointed crypto investors who were anticipating a more swift action on the issue.

Eric Trump's tweet on Thursday comes just days after he expressed a bullish view on Ethereum, suggesting it was a good time to invest in ETH. His previous tweet on Ethereum coincided with a dramatic market turnaround, as the cryptocurrency rebounded over 35% within 18 hours of hitting its lowest point.

While the immediate market impact of Eric Trump's Bitcoin tweet appears to be limited, with only a modest 0.4% hourly gain, some traders are paying closer attention to his market calls due to the rapid price swings following his previous tweet on Ethereum.

Bitcoin has been trading near record highs, leaving less room for a sudden turnaround compared to Ethereum's market structure at the time of Eric Trump's comments. Traders looking for history to repeat itself may have to wait and see if this tweet carries the same kind of weight as his previous one on Ethereum.