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

Cryptocurrency Jul 15, 2019 12:27AM ET
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Investing.com - Bitcoin slumped to near $10,000 on Monday in Asia as negative comments from U.S. President Donald Trump late last week continued to weigh.

Trump said 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% following his comments, but has plunged more than 15% since Friday.

Trump also criticized Facebook's (NASDAQ:FB) 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 said.

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

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Comments (3)
Phil Steinberg
Phil Steinberg Jul 15, 2019 5:36AM ET
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National (official) currencies are also based on thin air since they are not backed by gold anymore.
Ave Joe
Ave Joe Jul 15, 2019 1:56AM ET
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The tweet was 3 days ago Stop the FUD
Juho Peltola
Juho Peltola Jul 15, 2019 12:55AM ET
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Actually $ is backed by nothing. Thats why there is crypto currencies.
 
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