The report claims that while the US President is not directly involved in these transactions, there is someone with a strong connection to the Oval Office operating in his behalf. Several reports claimed that Trump and his family have already made millions of dollars from their crypto investments.
WLF has been one of the most lucrative ventures for the Trump family. Announced in September last year, the company contributed $30 million to the Trump treasury, Forbes claims.
The company netted $200 million for the Trump family in January. Following this performance, the company experienced a series of changes in its business structure, including a reduction in the Trump’s family participation from 75% to 60% to the now reported 40%.
In that sense, the Trumps seem to be reducing their stake progressively. Neither the Trumps or representatives for World Liberty Financial have commented on the reasons behind the sales.
However, the report speculates that due to the performance in the company and its success, the Trumps might be taking a profit while the bullish momentum rises.
To me, Trump’s crypto dealings seem pretty explicit. Policy decisions are being made regarding parts of the financial industry that are being done not to benefit the nation, but his own financial interests … It’s hard to imagine what he’s doing benefits the nation.
At the time of writing, the crypto market is undergoing a sell off. The top cryptocurrencies by market cap Bitcoin and Ethereum record between 3% and 10% losses over the past week.
The sector is potentially heading for a sluggish summer. Per the trading firm QCP Capital, several factors on the macroeconomic scene and seasonality will push the Bitcoin price and the altcoin market into a prolonged low volatility environment.
Summer sluggishness has set in for crypto. BTC implied volatility is back below 40%, erasing its recent spike. Risk reversals are still negative, suggesting cautious sentiment.
Cover image from ChatGPT, TRUMP/USDT chart from Tradingview
