Should Crypto Traders Ignore Eric Trump? Data Suggests His Views Aren't for Short-Term Speculators 🤔💰

What to know:

Eric Trump’s recent tweets, including his positive views on ETH and BTC, have not necessarily been profitable for day traders. 💩
He recently shifted his stance to suggest a long-term holding strategy for crypto assets. 🙃

In the land of traditional markets, there’s an old saying: “Don’t fight the Fed.” It’s like a wise grandpa telling you to play nice with the big kids. But now, a new twist has emerged on X, where Gordon, a self-proclaimed altcoin enthusiast, declared, “Never fade Eric Trump.” 🎉

Gordon’s post came as the total crypto market bounced 11% to $3.09 trillion on March 2, almost reversing the decline seen in the last week of February. The double-digit rise, spurred by President Donald Trump’s mention of ADA, XRP, and SOL as candidates of strategic crypto reserve with BTC and ETH as core, validated his son, Eric Trump’s, bias for dip buying. 🍀

Retail traders, eager for quick profits from day trading or short-term trading, may be tempted to strictly follow Eric Trump’s posts. But hold your horses! Data reveals that Eric’s tweets are not necessarily profitable for speculators and day traders. 😅

For starters, the market bounce seen on March 2 was as fleeting as a butterfly’s lifespan. The total crypto market capitalization collapsed to $2.78 trillion on the very next day and slipped further to $2.6 trillion on Sunday. 📉

Eric Trump’s two other takes published on X since his father Donald Trump took office on Jan. 20 also did little for day traders. On Feb. 4, he said, “In my opinion, it’s a great time to add ETH.” 🙄

That day, Ethereum‘s native token ether traded above $2,700, having recovered from a sudden crash to nearly $2,000 the day before. The quick recovery was reminiscent of the August bottom around the same levels, following which the token’s price rose to $4,000 in the subsequent months. But alas, ether never really picked up a strong bid and has since dropped over 25% to $2,000. 🤦‍♂️

Eric Trump’s view on BTC on Feb. 6 was similarly unprofitable. He posted on X, “Feels like a great time to enter #BTC,” while tagging World Liberty Financial. Back then, BTC traded near $96,000 and has since climbed down to $82,000, a 14.5% slide. 🤕

But fear not, dear reader! On March 3, Eric Trump shifted gears to suggest merit in pursuing a long-term holding strategy. “Now my advice: HOLD (i.e. Long Term),” Eric Trump said on X, acknowledging a post by Gordon cheering the market bounce. 🤞

2025-03-10 11:35

Should Crypto Traders Ignore Eric Trump? Data Suggests His Views Aren’t for Short-Term Speculators 🤔💰

What to know:

Read More