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Peter Schiff says US President Donald Trump has pulled off the biggest crypto rug pull ever after he announced that certain altcoins will be added to the strategic crypto reserve on Sunday amid a 9% crypto market crash.
Schiff accused Trump of orchestrating a “pump and dump scheme” in a March 3 X post, and has now called for Congress to investigate the President and those close to him for their alleged role in the recent volatility.
That’s after prices, especially of all of the cryptos mentioned in Trump’s posts on Sunday including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and XRP, all soared. In the last 24 hours, however, all of these cryptos’ prices underwent steep corrections.
Liquidations In Recent Crypto Market Crash Top $1 Billion
Schiff’s call for a Congressional investigation comes amid a crypto market crash, with prices across the digital asset space suffering steep drops in the last 24 hours.
Bitcoin, the largest crypto by market cap, plunged over 9% to trade at $84,010.98 as of 7:16 a.m. EST. This was after BTC’s price stood at above $93.6K just yesterday following a rally ignited by Trump’s strategic reserve posts.
The pullback in crypto prices led to more than $1.09 billion in liquidations in the crypto market over the past 24 hours, according to Glassnode. Over $932 million of these liquidations were long positions from traders that predicted further upside in the market.
Rumors That Trump Will Announce 0% Capital Gains Tax For Crypto Begin To Circulate
Trump said yesterday that he will be making a “BIG” announcement today, and “tell it like it is.” Crypto investors likely panic sold to brace for a potential market correction.
Trump's "big" announcement.
This is unlikely to be anything good.
What are you expecting? pic.twitter.com/fi5mxLpPYS— Jürgen Nauditt 🇩🇪🇺🇦 (@jurgen_nauditt) March 3, 2025
Some are more optimistic about Trump’s announcement, with rumors the US President will announce a 0% capital gains tax for crypto. This could incentivize more investors to buy and hold crypto for the long term.
JUST IN : @EricTrump and @DavidFBailey just let slip in their discord channel that they are looking to possibly announce Friday that there will be no capital gains tax on American based crypto currencies if held for more than 1 year.
— Magoo PhD (@HodlMagoo) March 4, 2025
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