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

The American Bitcoin, which has garnered support from former President Donald Trump, experienced a dramatic decline of 40% due to heavy trading volume. This substantial drop in value has had a cascading effect, causing Hut 8, a major player in the cryptocurrency sector, to decline by 12% as investors reacted to the unfavorable market conditions. The significant downturn in American Bitcoin has raised concerns among traders and investors alike, prompting questions about the future stability of both the cryptocurrency and related companies like Hut 8. source: https://www.coindesk.com/markets/2025/12/02/trump-associated-american-bitcoin-plunges-40-on-heavy-volume-dragging-hut-8-lower-by-12