Bitcoin and Ethereum’s latest surge has not only shaken up investors but also drawn a reaction from Eric Trump, who used the moment to warn traders against taking bearish positions. Over the past 24 hours, Bitcoin climbed back above the $120,000 level, while Ethereum reached a 24-hour high of $4,330, its highest price level since 2021. The rally delivered a punishing blow to short sellers, particularly in Ethereum, where liquidations ran into hundreds of millions of dollars.
Stop Betting Against Bitcoin And Ethereum
The price action of Bitcoin and Ethereum in the past 24 hours was an opportunity for Eric Trump to reinforce the growing bullish sentiment surrounding the two largest cryptocurrencies. Notably, this is something the Trump family has been actively involved in throughout this cycle.
Taking to the social media platform X, Eric Trump noted, “It puts a smile on my face to see ETH shorts get smoked today. Stop betting against BTC and ETH – you will be run over.” In just a few words, he made it clear that he views bearish positioning against the top two cryptocurrencies as a dangerous gamble based on recent price action.
His comment came amid Ethereum’s powerful rally that saw over $212 million in short positions wiped out among traders caught on the wrong side of the move, according to liquidation data from Coinglass. Bitcoin’s breakout above resistance at $120,000 added further pressure to bears, and it showed that the momentum is now in the hands of the bulls.
By highlighting these moves with Bitcoin and Ethereum, Eric Trump not only celebrated the downfall of short sellers but also warned that the upward trend still had plenty of momentum left to play out.
Trump Family Expanding Crypto Footprint
Eric Trump’s vocal support for Bitcoin and Ethereum reflects a larger pattern within the Trump family, which has embraced digital assets more than ever in this market cycle. Their ventures include launching the $TRUMP and $Melania memecoins, establishing World Liberty Financial with its USD1 stablecoin and $WLFI token, and securing multi-million-dollar investments to scale their crypto operations.
Interestingly, reports have noted that World Liberty Financial is now approaching large tech and crypto investors to raise $1.5 billion in a move to set up a public company that will hold its WLFI tokens.
They have also moved into crypto mining through a venture called American Bitcoin and partnered with Hut 8 to build what they aim to be a strategic Bitcoin reserve. According to a Bloomberg report, Eric Trump’s stake in American Bitcoin could be worth $367 million when it goes public in coming weeks.
On the regulatory front, President Trump recently signed an executive order permitting cryptocurrencies in 401(k) retirement plans, a move that has the potential of boosting mainstream adoption very significantly.
At the time of writing, Bitcoin is trading at $121,670, while Ethereum is trading at $4,280.
Featured image from Pixabay, chart from Tradingview.com
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