Bitcoin quickly jumped past $98,000 on Thursday after Eric Trump, the son of former U.S. President Donald Trump, expressed his enthusiasm for the cryptocurrency.
At 1:41 UTC, Eric Trump tweeted, “Feels like a great time to enter #BTC!” His comment caused BTC’s price to shoot up from $96,900 to $97,830, with micro CME futures briefly surpassing $98,000, according to TradingView. The price soon returned to its previous level of around $97,650, however, a modest hourly increase of 0.4%.
David Sacks, the Trump administration’s AI and crypto adviser, recently tweeted that they are exploring an option of a strategic Bitcoin reserve. This rekindled hopes among some investors, but many brokers and hedge funds were disillusioned by the absence of a timely response.
Interestingly, Eric Trump has previously made headlines in the crypto market. Earlier this month, an increase in profits took Ethereum to a sharp sell-off from President Trump’s announcement of tariffs that sent the broader market into a meltdown. By Feb. 3, Ethereum had dropped 37% from its January high, hitting its lowest point in weeks.
Then, on Feb. 4, Eric Trump tweeted, “It’s a great time to add ETH.” The response was impressive, Ethereum soared by over 35% in just 18 hours, climbing from $2,300 to over $2,900 before stabilizing at around $2,830 on Feb. 6.
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