Crypto Market Sees Record Crash as Trump-Linked Tokens Plummet Amid Investigation

The cryptocurrency market has witnessed a significant downturn, with major tokens experiencing a record crash. Bitcoin, the largest cryptocurrency by market capitalization, has fallen below its 200-day simple moving average, a bearish indicator that sparked a record crash (Source 2). The decline has been led by Ether, which has plummeted by 30% and risks further decline towards the $1,000-$1,400 range, according to technical and on-chain indicators (Source 3). The market downturn has been exacerbated by an investigation into World Liberty Financial, a DeFi project linked to the Trump family. The probe, which centers around the project's dealings with a member of the UAE royal family, has caused a significant decline in Trump-linked tokens, including WLFI (Source 4). WLFI, the official Trump meme coin, has been hit particularly hard, leading losses in the crypto market. World Liberty Financial is a DeFi project that promises to help the unbanked (Source 1). The project has been linked to the Trump family, with some reports suggesting that it has received backing from the former US President's family members. However, the investigation into the project's dealings has raised concerns about its legitimacy and has led to a decline in investor confidence. The crypto market has been experiencing a downturn in recent weeks, with the Bitcoin price falling from its all-time high of over $64,000 to around $60,000 (Source 5). The decline has been attributed to a range of factors, including the COVID-19 pandemic and the collapse of the FTX exchange. However, the investigation into World Liberty Financial has added to the market's woes, leading to a record crash. The decline in Trump-linked tokens has erased gains made during the recent "Trump pump." The "Trump pump" refers to the increase in value of Trump-linked tokens following the former US President's endorsement of cryptocurrency (Source 5). However, the investigation into World Liberty Financial has led to a decline in investor confidence, causing the value of these tokens to plummet. The crypto market is known for its volatility, and the recent downturn is not the first time that the market has experienced a significant decline. However, the investigation into World Liberty Financial has raised concerns about the legitimacy of the project and the potential risks associated with investing in cryptocurrency. In conclusion, the crypto market has experienced a record crash, with Bitcoin and Ether leading the losses, amidst an investigation into World Liberty Financial, a DeFi project linked to the Trump family. The probe has caused a significant decline in Trump-linked tokens, including WLFI, and has erased gains made during the recent "Trump pump." As the market continues to decline, investors are advised to exercise caution and carefully consider the risks associated with investing in cryptocurrency. Sources: * "What Is World Liberty Financial? The Trump Family DeFi Project Explained" (Source 1) * "Bitcoin beats FTX, COVID-19 crash with record dive below 200-day trend line" (Source 2) * "Ether leads crypto losses with 30% crash: Where is the bottom?" (Source 3) * "Official Trump Meme Coin, WLFI Lead Losses Following World Liberty Financial Probe" (Source 4) * "Morning Minute: Bitcoin Erases Trump Pump, Falls to $60k" (Source 5)