US President Donald Trump’s criticism of cryptocurrencies late last week made Bitcoin slumped in another large weekend move.
The largest cryptocurrency tumbled 12% since Friday to trade at US$10,428.23 as of 7:30 a.m. in Hong Kong. Other coins also retreated: Ethereum dropped 15% and Litecoin fell 14%.
On Twitter, Trump wrote that he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air”. He added that “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” He also didn’t pass criticising Facebook Inc’s plans for its Libra digital currency. According to Alfonso Esparza, senior market analyst at Oanda Corp. (Toronto), Bitcoin “continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency”.