President Trump's decision to suspend tariffs on Canada and Mexico positively impacted the crypto market. Eric Trump noted that February 3rd was a perfect time to invest in ETH but removed his phrase 'You can thank me later'.
Market Plunge and Recovery
Between February 2 and 3, the crypto market experienced a major price drop due to Trump's proposed tariffs. The price of Ether dropped by 16% within one hour, reaching a low of $2,368.
Eric Trump's Actions and WLF
After his father's decision, the market rebounded to $2,700. Eric Trump mentioned it was a perfect time to invest in ETH. The Trump family's company, 'World Liberty Financial (WLF)', conducted significant cryptocurrency transactions, moving $307.41 million worth of assets to Coinbase and converting 20,000 stETH to ETH. Blockchain analytics firm Spot On Chain revealed that WLF purchased 1,826 ETH for $5 million USDC.
Ethereum Ecosystem Development
The Ethereum Foundation allocated 50,000 ETH to enhance its treasury and earn staking rewards. Ethereum core developer Eric Conner predicts the rewards system will fund most of the Foundation's budget while reducing ETH market supply. A new marketing organization, 'Etherealize', began operations on January 22 to market Ethereum to Wall Street investors.
The crypto market responds to political and economic changes. Trump's actions have caused volatility, while initiatives from the Ethereum Foundation and new organizations like Etherealize indicate the long-term potential of ETH.
