Bitcoin drooped in another huge weekend of the move after U.S. President Donald Trump’s criticism of cryptocurrencies late last week put the focus back on this year’s jump in prices.
The biggest cryptocurrency tumbled 15% since Friday to trade at $10,028.55 as of 8:54 a.m. in Hong Kong, after quickly falling as low as $9,980. Different coins additionally withdrew: Ethereum dropped 23% and Litecoin fell 17%.
Read about weekends as the “Wild West” for Bitcoin.
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Bitcoin at first climbed 6.8% on Friday after Trump’s remarks, yet has since more than erased the gains. Trump wrote on Twitter Thursday that he is “not a devotee of Bitcoin and different Cryptocurrencies, which are not cash, and whose worth is exceptionally unpredictable and dependent on meager air,” including that “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” He also criticized Facebook Inc.’s plans for the Libra digital currency.
Bitcoin “continues on exchanging lower as remarks 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 $8,000, giving back all the gains made in June.”
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