Trump's cryptocurrency empire is crumbling, they've lost over a billion dollars

US President Donald Trump's family has lost more than a billion dollars since October due to a slump in the value of cryptocurrency projects they launched or promoted, Bloomberg reports.

Shares in American Bitcoin, which is run by Trump's son Eric, have lost half their value in less than half an hour. Other assets, such as World Liberty Financial's WLFI token (-51 percent) or Alt5 Sigma, which has dropped 75 percent and is facing legal troubles, suffered similar losses.

Digital currencies named after Donald and Melania Trump also saw significant losses - down 90 percent and 99 percent, respectively. Bitcoin also continues to decline, losing more than a quarter of its value since October and falling below 90 thousand dollars. In the summer, it was attacking 120 thousand.

Trump's pro-growth rhetoric towards cryptocurrencies initially sparked a wave of optimism, but the market subsequently did not avoid the traditional fluctuations.

(mja)