Markets around the world fell sharply on April 3rd after President Donald Trump announced major new tariffs. The Dow fell 2.7%, while the S&P 500 fell 3.1%.
Bitcoin was also a hit, falling below $82,000 as investors pulled away from their dangerous assets.
Coinbase shares fell by about 7.7%, while Bitcoin mining companies such as Mara, Riot Platforms and BitFarms fell by about 8.3%, 8.7% and 5%.
The Trump family is taking another step towards cryptocurrency with the launch of American Bitcoin, a large-scale mining venture created in collaboration with publicly traded crypto company HUT 8.
The new company, led by Eric Trump and Donald Trump Jr., operates 61,000 mining machines in 11 US data centers and aims to build a substantial Bitcoin reserve.
Matt Prusack, CEO of American Bitcoin, highlighted the timing and scale of the project.
“It’s time for US Bitcoin right now. Procrypto environment + American energy is ready to promote an unstoppable mass-scale build-out.”
In the Hat8 announcement, Donald Trump Jr. highlighted the deeper possibilities of the venture.
“Simply buying Bitcoin is only half the story. Mining it into advantageous economics opens up even greater opportunities. We are excited to lead investors into that equation through a platform run in this paper and designed to provide genuine and concrete participation in the growth of Bitcoin.”
Posted by Matt Prusak, CEO of X (formerly Twitter) American Bitcoin
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Fidelity Investments has introduced a new IRA option that encourages eligible US citizens to invest in a small number of cryptocurrencies, including Bitcoin. Depending on the availability of the state, this arrangement offers tax benefits.
Your account does not include setup or maintenance fees, but a 1% transaction spread applies to crypto transactions. Fidelity Digital Assets says it will securely store digital assets offline.
Fidelity has been an active participant in Crypto for many years, starting with Bitcoin mining in 2014.
Disclaimer: The opinions and opinions expressed in this article are those of the authors and do not necessarily reflect the views of TheStreet Crypto. This work is for informational purposes only and should not be considered financial or investment advice.