Bitcoin fell in the weekend move following U.S. President Donald Trump’s criticism of cryptocurrencies last week put the centre behind on this year’s rise in prices.
The most substantial cryptocurrency dropped 15% from Friday to trade at $10,028.55, in Hong Kong, following abruptly dropping as low as $9,980. Ethereum fell 23% and Litecoin declined 17%.
Bitcoin rose 6.8% on Friday following Trump’s remarks but has s erased the profits.
Trump on his Twitter wrote on Thursday that he is not a follower of Bitcoin and any Cryptocurrencies, whose rate is very volatile and based on thin air,” continuing that “Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
“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.Share this to your,