#trumptariffs Trump-Backed American Bitcoin Plunges 40% on Heavy Volume, Dragging Hut 8 Lower by 12%

American Bitcoin Corp. (ABTC), a U.S. focused bitcoin mining and treasury firm company founded by Eric Trump and Donald Trump Jr., saw its shares plunge as much as 50% on Tuesday. The drop came despite bitcoin rallying above $91,000 and gains for nearly all crypto-related stocks.

According to Nasdaq data, trading volume surged to 55 million shares compared with a 3 million daily average, signaling heavy selling pressure.#TrumpNFT #TrumpCrypto The decline is of particular note given the strong rally in bitcoin on Tuesday — which has gained back all of its panicky decline from the previous 36 hours to trade back to just shy of $92,000. That in turn, has pushed most crypto-related stocks higher