Speculation links Barron Trump to a $200M Bitcoin short made before Trump’s China tariff move, but an anonymous trader denied any Trump family involvement.
A news in the world of crypto has sparked a row, and it involves President Donald Trump’s youngest son, Barron Trump. Hours before Trump’s decision to impose 100% tariffs on China on Friday, October 10, a Bitcoin short worth millions were made. Soon after the decision came, Bitcoin prices fell rapidly, and the person who placed the short reportedly bagged between $160 million to $200 million in profits. Though the identity of the trader remains under wraps, social media has started speculating that it could be Barron Trump.
The speculation has gained ground amid previous reports saying Trump’s youngest is in crypto trading. Given the contrarian nature of the bet on a crypto price crash, and its involvement with key policy decisions, many believe it was someone close to the Trump family to whom the policy decision was leaked.
But, as of now, no confirmed reports indicate that Baron Trump was not the trader involved in the trade. Additionally, an user named Jinn claimed to be the trader behind the Bitcoin trade and clarified that there was no involvement of the Trump’s family in the trade. The user said that the trade was based on “technical analysis” and the “overvalued” nature of bitcoins as an asset.
Notably, all major cryptocurrencies saw a fall after Trump’s announcement. Bitcoin dropped from $1,25,000 to $105,000. However, once the market opened on Monday, their prices saw a sudden jump.
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Bitcoin Prices Plunge After Trump’s Tariff Decision
The plunge in crypto prices after Trump’s announcement of a 100% tariff on China was the single biggest wipeout the industry has seen in its recent history. Soon after the decision, Bitcoin saw an 8.4% drop with all major coins affected. Coinglass, a crypto trading information platform, reported that 1.6 million trader liquidated their positions on Friday, wiping out over $7 billion at one point.
The biggest hit of the crash was taken by XRP, which saw a 22.85% decline. Meanwhile, Ethereum saw a 5.8% drop and Binance Coin dropped by 6.6%.
