Trump-Linked Crypto Venture Under Fire Amid Market Rout

The cryptocurrency market is reeling from a sharp downturn, with major players like Bitcoin and Ether leading the losses. Amidst this turmoil, a DeFi project linked to the Trump family, World Liberty Financial (WLFI), is facing scrutiny after an investigation into its dealings with a member of the UAE royal family. WLFI, a decentralized finance (DeFi) project, was launched with the promise of helping the unbanked. However, its association with the Trump family has raised eyebrows. The project's website features a video message from Donald Trump Jr., who expresses his enthusiasm for the project. According to reports, WLFI is being investigated for its dealings with a member of the UAE royal family. This news has led to a sharp decline in the value of WLFI tokens, as well as other Trump-linked tokens. The Official Trump Meme Coin, for instance, has fallen significantly in value following the news of the investigation. The crypto market as a whole is experiencing a bear market momentum, with Bitcoin and Ether leading the losses. Bitcoin, in particular, has seen a record dive below the 200-day simple moving average, sparking concerns of a prolonged downturn. As one analyst noted, "Bitcoin bear market momentum sparked a record crash below the 200-day simple moving average as analysis expected BTC price 'mean reversion' next." Ether, on the other hand, has seen a 30% crash, with some analysts predicting that the price could decline further to the $1,000-$1,400 range. "Ether price still risks declining toward the $1,000-$1,400 range, according to a confluence of bearish technical and onchain indicators," noted one analyst. The sharp decline in the crypto market has been attributed to a combination of factors, including the investigation into WLFI and the overall market sentiment. Thursday marked one of the worst days in crypto history, with majors plunging 15-20% before modest relief. The Trump family's association with WLFI has raised concerns about the project's legitimacy and the potential for conflicts of interest. While the project's website claims that it is committed to helping the unbanked, some have questioned the true motives behind the project. As the investigation into WLFI continues, the crypto market remains in a state of uncertainty. With Bitcoin and Ether leading the losses, it remains to be seen how the market will recover from this sharp downturn. One thing is certain, however: the scrutiny surrounding WLFI will only add to the market's volatility. Sources: * What Is World Liberty Financial? The Trump Family DeFi Project Explained * Bitcoin beats FTX, COVID-19 crash with record dive below 200-day trend line * Ether leads crypto losses with 30% crash: Where is the bottom? * Official Trump Meme Coin, WLFI Lead Losses Following World Liberty Financial Probe * Morning Minute: Bitcoin Erases Trump Pump, Falls to $60k