Trump brothers-backed American Bitcoin swings to second-quarter loss

Aug 3 : American Bitcoin, backed by two of U.S. President Donald Trump's sons, swung to a second-quarter loss on Monday, hurt by a selloff in the cryptocurrency.Market volatility from surging geopolitical tensions has pushed investors into a risk-off mode, piling pressure on crypto asset prices.Here are some details: • American Bitcoin's holdings in the asset grew to over 8,000 in the quarter, a 14 per cent jump from the prior quarter • Its focus on mining pushed quarterly production to a record, with about 932 bitcoin mined in the second quarter• Bitcoin prices slid over 11 per cent in the quarter from April to June.• "Despite bitcoin headwinds in Q2, we stayed focused on what we can control," CEO Mike Ho said.• Net loss in the quarter was $57.2 million, compared with a profit of $3.4 mil