Former kickboxing star and current social media influencer Andrew Tate has become increasingly involved in cryptocurrency markets since early 2024.
Indeed, the celebrity launched his own meme coin, Daddy Tate (DADDY), promised to crash Solana (SOL), and expressed his optimism about Bitcoin (BTC) and Ethereum (ETH) to the point of calling his fans “losers” once the cryptocurrencies reach certain price levels.
While Tate didn’t make any explicit promises to buy Ethereum in May, his continued positive sentiment towards the token and his claim to hold more cryptocurrency than fiat currency also likely means he has seen a significant drop in ETH prices. Indeed, the cryptocurrency has fallen a substantial 25.27% from mid-May to early August and is near its yearly lows, trading at $2,242.22 at press time.
Bitcoin Risks Falling Below $50,000
Regardless of the specifics of the influencer’s trading activity, Tate and many other cryptocurrency investors are both at risk of major losses and potentially facing a bargain buying opportunity on August 5.
Indeed, cryptocurrency markets, like global stock markets, suffered deep losses over the weekend on recessionary and geopolitical fears, with Bitcoin threatening to crash below another major psychological support zone at $50,000.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
