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Bitcoin Tumbles as Trump Critique Tests Stellar Run for 2019

(Bloomberg) – Bitcoin plummeted in another major weekend move after US President Donald Trump's criticism of cryptocurrencies at the end of last week put the focus on this year's price jump .

The largest cryptocurrency fell 15% since Friday to trade at $ 10,028.55 from 8:54 a.m. in Hong Kong, after falling briefly as low as $ 9,980. Other currencies were also withdrawn: Ethereum fell by 23% and Litecoin fell by 17%.

Read about weekends as the "Wild West" for Bitcoin.

Bitcoin initially rose 6.8% on Friday after Trump's comments, but has since erased the profits. Trump wrote on Twitter on 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 air," adding that "unregulated encryption assets can facilitate the illegal behavior, including the drug trade and other illegal activities. "He also criticized Facebook Inc.'s plans for the Libra digital currency.

Bitcoin "continues to trade downward as President Trump's comments push down the cryptocurrency," said Alfonso Esparza, senior market analyst at Oanda Corp. in Toronto. Attracting Trump's wrath means that "it could fall further to $ 8,000, returning all the gains made in June."

(Market updates moves.)

To contact the journalist in this story: Joanna Ossinger in Singapore at jossinger@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Adam Haigh, Garfield Reynolds

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