Bitcoin, Ethereum, Dogecoin Drops As Trump’s ‘Crypto Czar’ Announces Oversight Committee: Eric Trump Says ‘Great Time’ To Add ETH

Major cryptocurrencies declined sharply on Tuesday following the announcement of a new regulatory oversight committee, with total market liquidations reaching nearly $485 million in the past 24 hours.

What Happened: The leading cryptocurrency dropped to $97,924.27, its lowest level in the last 24 hours of trading, while the broader crypto market capitalization fell 2.92% to $3.23 trillion.

The decline coincided with newly appointed “Crypto Czar” David Sacks announcing the formation of a bipartisan, bicameral committee to establish a regulatory framework for digital assets.

Ethereum also experienced downward pressure despite social media attention from Eric Trump, who suggested on X that “it’s a great time to add $ETH.”

The second-largest cryptocurrency’s decline followed Dogecoin’s retreat after its 15% rally on Monday.

The market turbulence triggered significant trading activity, with over 161,000 traders facing liquidations. The total cryptocurrency open interest decreased by 5.61% to $113.45 …

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