Trump-Linked Crypto Firms Tumble Over 20% Amid Broader Market Slump

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Shares of American Bitcoin Corp. (ABTC) and the token for World Liberty Financial plummeted more than 20% on Thursday, underperforming a declining broader crypto market. The sell-off occurred on ABTC’s second day of trading on the Nasdaq.

The sharp decline for American Bitcoin, a mining venture backed by Donald Trump’s sons, may be linked to a new Nasdaq report on increased oversight of companies raising funds to buy crypto.

The reason for World Liberty’s drop is less clear. The broader crypto market also fell, with Bitcoin and Ethereum down 2.4% and 3.6%, respectively.