Trump Family Bitcoin Mining Venture Sends Leading Cryptocurrencies Up

Leading cryptocurrencies moved up Monday after the Trump family stepped deeper into the space with a Bitcoin mining venture.

Leading cryptocurrencies traded mixed on Monday evening after the Trump family stepped deeper into the space with a Bitcoin mining venture.

What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) rose to an intraday high of $83,870.12 in the early trading hours before losing steam and falling to the $82,000 range.

Related: Trump Family Launches Firm To Become World's Biggest Bitcoin Miner-Report

Benzinga Pro data showed that BTC declined by 11.82% during the quarter, making it the worst performer among the major cryptocurrencies. In comparison, Ethereum (CRYPTO: ETH) suffered a steeper decline of 45% during the same period.

The spike followed the launch of American Bitcoin, a new firm led in part by President Donald Trump's sons, Eric Trump and Donald Trump Jr., aiming to become the world's biggest Bitcoin mining company.

The news broke amid tariff uncertainty ahead of Trump's "Liberation Day," on which "reciprocal" levies would be imposed on partners deemed to have unfair trade barriers against U.S. goods.

The global cryptocurrency market cap now stands at $2.67 trillion, following a 0.85% increase in the last 24 hours.

Top Gainers (24 Hour)

Major stock indexes closed mixed on Monday. The Dow Jones Industrial Average surged by 417.86 points, or 1%, to reach 42,001.76. The S&P 500 rose by 0.55% to reach 5,611.85. The tech-heavy Nasdaq Composite closed with a slight decrease of 0.14% to reach 17,299.29.

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Analyst Notes: Popular blockchain analytics firm Santiment noticed a sharp spike in whale wallets, i.e., those holding between 1,000 and 10,000 BTC, amid the ongoing correction.

"There are now 1,993 Bitcoin wallets of this size, which is the highest level since December 2024," Santiment stated.

The firm added that a 2.6% spike in "one of the most important" key stakeholder tiers in cryptocurrency in five weeks could be taken as a "slight sign of confidence."

According to the Long/Short Ratio, about 51% of Binance traders were positioned short on Bitcoin, suggesting that the cryptocurrency could be due for a pullback.

Moreover, around $350 million in short positions for the BTC/USDT perpetual futures pair on Binance would be liquidated if the digital asset's price were to rise to the $85,000 level.

According to the Crypto Fear and Greed Index, the market sentiment is currently in the "Fear" zone.