The sharp pullback in Bitcoin prices over the past month is punishing the most speculative corners of the cryptocurrency market.
The latest casualty is American Bitcoin Corp. Shares of the crypto miner co-founded by Eric Trump lost more than half of their value in less than 30 minutes on Tuesday, triggering repeated trading halts.
The implosion in the stock linked to the family of US President Donald Trump comes amid a broader selloff in the digital asset market that has seen Bitcoin plunge more than 30% from a peak touched in early October. Investor sentiment has soured as broader macroeconomic factors weighed on risk assets.
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On Tuesday, the crypto market steadied after almost $1 billion of leveraged crypto positions were liquidated a day earlier.
American Bitcoin, which was spun out of Hut 8 Corp. earlier this year, saw its shares surge initially on the announced mining venture. But shares have since declined over 78% from a peak in September as the crypto market slipped into a downturn. The firm reported third-quarter net income of $3.5 million on revenue of $64.2 million in November.
Donald Trump Jr., who is also an American Bitcoin shareholder, along with other Trump family crypto ventures have suffered too. WLFI, the token of Trump-linked decentralized finance platform World Liberty Financial, is down more than 30% from September's high, while ALT5 Sigma Corp., a digital asset treasury company holding WLFI tokens, is down over 80% from its record high.
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