Eric Trump recently advised traders to refrain from shorting Bitcoin and Ethereum, following significant short liquidations on Ethereum and a rebound in the cryptocurrency market.
Eric Trump's Warning to Traders
Eric Trump urged traders to "stop betting against BTC and ETH." His comments came after a major liquidation of short positions in Ethereum and a strong rebound in the crypto market.
Market Movements and Inflows
Trump's remarks followed significant market movements, with Ethereum shorts experiencing over $208 million in liquidations. The crypto market witnessed a positive shift as Ethereum reclaimed significant price levels. Inflows into U.S. spot Ethereum ETFs, totaling $864 million, underscored increased institutional involvement.
Impact of High-Profile Endorsements
The absence of statements from key figures like Vitalik Buterin or CZ did not overshadow Eric Trump's influence. His advice aligns with historical patterns where endorsements by high-profile figures have led to market recoveries. "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," said Eric Trump.
Thus, Eric Trump's warning highlights the importance of caution for traders amid the volatile cryptocurrency market. Growing institutional interest and the backing of high-profile personalities could play a crucial role in future market movements.
