Eric Trump's share in cryptocurrency, American Bitcoin Corp., temporarily lost over 40% of its value. According to Guardian, the price fell from $2.39 to $1.90 in little than half an hour, resulting in multiple automatic cessation of trade.
Even at the end of the trading day, stocks continued to fall by 38.8%. The marketplace capitalization of the company so decreased by about a billion dollars. On September 9, American Bitcoin Corp. shares were inactive valued at $9.31. This crash means a phase which any experts describe as a possible beginning of the Cryptology. The price of bitcoin dropped by more than 30 percent from the summit of October 6 – from $126,272 to $92,133.
Eric Trump, the second eldest boy of the president of the United States, attributes a decrease in the price of profit making. According to him, The company allegedly produces "2% of the planet supply of bitcoins per day".
His company, which emerged this year from the Hut 8 cryptocurrency company, is comparatively small. By Bloomberg news agency, in the 3rd 4th recorded a net profit of $3.5 million in gross of $64.2 million.
