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(Bloomberg) – Bitcoin collapsed over another big weekend after US President Donald Trump's criticism of cryptocurrency at the end of last week resubmitted attention on this year's price hike.
The biggest cryptocurrency has tumbled 15% since Friday to reach 10,028.55 USD at 8:54 in Hong Kong, after a brief fall to 9,980 USD. Other coins also fell: Ethereum dropped 23% and Litecoin dropped 17%.
Read about the weekends as "Wild West" for Bitcoin.
Bitcoin climbed 6.8% on Friday after Trump's comments, but has since erased its gains. Trump wrote on Twitter Thursday that he was "not a fan of Bitcoin and other crypto-currencies, which are not money and whose value is very volatile and based on tunes, "adding that" unregulated cryptographic assets can facilitate illicit behavior, including drug trafficking. " and other illegal activities. He also criticized Facebook Inc.'s plans for Libra digital currency.
Bitcoin "continues to decline as President Trump's comments have put downward pressure on cryptocurrency," said Alfonso Esparza, Senior Market Analyst at Oanda Corp. in Toronto. Attracting Trump's anger means "it could drop to $ 8,000, making all the gains in June."
(Updates market movements.)
To contact the reporter about this story: Joanna Ossinger in Singapore at [email protected]
To contact the editors in charge of this story: Christopher Anstey at [email protected], Adam Haigh, Garfield Reynolds
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