Home collateral Melania Trump’s Crypto Hat Auction Hit by Crypto Crash

Melania Trump’s Crypto Hat Auction Hit by Crypto Crash

  • Former First Lady Melania Trump’s hat auction may have become collateral damage in the crypto crash.
  • Trump is taking bids for crypto hat Solana, which has plunged 40% in the past week.
  • The hat was supposed to be sold with a starting bid of $250,000, but the lot currently costs just over $170,000.

Former First Lady Melania Trump’s crypto-only hat auction may have become the latest collateral damage in the cryptocurrency crash in progress.

Trump is accepting offers on his Herve Pierre white hat and other White House memorabilia at Solana — one of the cryptocurrencies hardest hit by the steep price drop this week. According to Decrypt, Solana’s value fell by more than 40%. This freefall in the value of Solana is accompanied by a broader decline in the value of various cryptocurrencies, with Bitcoin loses 20% of its value and Ethereum, 30% last week.

According to a Press release, Trump’s team asked for an initial offer of $250,000.

At some point, according to The Washington Post, Trump’s auction, which opened on January 11, soared in value to more than $275,000. But when the auction ended on Tuesday after the crypto market crashed, the hat’s highest bid was $160,218.

Perhaps due to the surprisingly low price, the auction was reopened five hours later.

At press time, The Trump Auction was still open and the highest bid was 1,800 SOL, worth $171,144.

“This is just proof that none of the cryptocurrency assets provide a good, stable enough means of payment,” said Dan Awrey, a Cornell University law professor and expert in financial regulation. The New York Times, commenting on Trump’s auction. “It’s just too volatile.”

In December, Trump ventured into the world of NFTs with a piece of digital art titled “Melanie’s view“, a watercolor representing his” cobalt blue eyes “. In January, Trump also unveiled his “Head of State” collection, which included the “iconic wide-brimmed” Hervé Pierre hat, a watercolor, and a non-fungible token.

“Importantly, Mr. Pierre designed Mrs. Trump’s inaugural dress and served as her fashion stylist and consultant during the presidency,” reads the statement. declaration announcing the auction. “Indeed, Mrs. Trump’s iconic white hat has caught the attention of media around the world.”

Trump has embraced cryptocurrencies, even paying homage to bitcoin on it Twitter in January.

“Today marks the 13th anniversary of the Bitcoin Genesis Block,” she told her nearly 2 million followers. “Happy birthday, #SatoshiNakamoto #MelaniaNFT.”

Trump isn’t the only public figure facing potential financial loss due to the crypto crash this week. New York Mayor Eric Adams also saw a possible loss of around $1,000 through Monday due to the cryptocurrency crash. In November, Adams, who took office on January 1, announcement he would take his first three paychecks in bitcoin.