RATE Group | Bitcoin price falls below $10,000 as President Trump slams crypto
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Bitcoin price falls below $10,000 as President Trump slams crypto

15 Jul Bitcoin price falls below $10,000 as President Trump slams crypto

Posted at 08:19h in Cryptocurrency News by

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A man walks past a bitcoin ATM in Vilnius, Lithuania.

Ints Kalnins | Reuters

Bitcoin fell sharply on Monday, following President Donald Trump’s criticism of cryptocurrencies.

The world’s most valuable virtual currency dropped about 10% to $10,175, according to CoinDesk data. It briefly dived below $10,000, dropping as low as $9,872.

The reason for the downward move wasn’t immediately clear. But it arrives after President Trump said last week that he was “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 behavior, including drug trade and other illegal activity,” Trump added.

Trump was also critical of Facebook’s plans to create a cryptocurrency, called Libra, which will be pegged to a basket of government-backed currencies and assets to maintain a stable value. Facebook should apply for a banking license if it seeks to become a bank, Trump said.

Some in the…

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