SINGAPORE: Bitcoin slumped in another large weekend move after US President Donald Trump’s criticism of cryptocurrencies late last week put the focus back on this year’s jump in prices.
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%.
Bitcoin initially climbed 6.8% on Friday after Trump’s comments, but has since more than erased the gains.
Trump wrote on Twitter Thursday 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,” adding that "Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.” He also criticised Facebook Inc.’s plans for the Libra digital currency.
Bitcoin "continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency,” said Alfonso Esparza, senior market analyst at Oanda Corp. in Toronto.
Drawing Trump’s ire does mean "it could fall further to US$8,000, giving back all the gains made in June.” - Bloomberg
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