Bitcoin Slumps to Near $10,000 on Trump’s Negative Comments

Jul 15, 2019 16:01
© Reuters.


Bitcoin slumped to near $10,000 on Monday in Asia following negative comments from U.S. President Donald Trump late last week.

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 behavior, including drug trade and other illegal activity.”

Bitcoin initially jumped almost 7% follow his comments, but has erased all gains soon after and has now plunged more than 15% since Friday.

Trump also criticized Facebook Inc (NASDAQ:FB).’s plans to launch its own digital currency, Libra.

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,” he added.

Bitcoin’s prices were pushed to 15-month high earlier this year after Facebook’s proposed plans for Libra sparked new interest in cryptocurrency and the technology underlines it.

In February, JPMorgan Chase (NYSE:JPM) also announced plans for JPMCoin, the first U.S. bank-backed cryptocurrency.