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Market Overview
Bitcoin Down as Trump Critisises Crypto
The tumble of Bitcoin
to as low as $9,872 over the weekend is said to be a result of a tweet by President
Trump on Friday, according to CNBC. The tweet read “I am not a fan of Bitcoin
and other Cryptocurrencies, which are not money, and whose value is highly
volatile and based on thin air. Unregulated Crypto Assets can facilitate
unlawful behaviour, including drug trade and other illegal activity.”
Bitcoin is the most
valuable virtual currency in the world, and it dropped by ten percent to
$10,175, according to CoinDesk data. At some point, it even fell below $10,000
to its lowest level.
The CEO of the
digital currency exchange Coinbase, Brian Armstrong also used Twitter to
comment on Trump’s social media post by saying “achievement
unlocked! I dreamt about a sitting U.S president needing to respond to growing
cryptocurrency usage years ago.”
Bitcoin was not the
only cryptocurrency Trump was critical of, he also said that in order for
Facebook to launch its own cryptocurrency, Libra, it should apply for a banking
license if it seeks to become a bank.
Even though Bitcoin fell considerably over the weekend, it is still up by more than 160 percent since the start of the year, CNBC reported. This rise may be due to the hype around big corporations, like Facebook, showing interest in the virtual currency.
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