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Here’s Why Bitcoin Is Plunging Today — The Motley Fool

16 Jul Here’s Why Bitcoin Is Plunging Today — The Motley Fool

Posted at 23:56h in Bitcoin News by

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What happened

Bitcoin (BTC-USD) and most other cryptocurrencies are under pressure on Tuesday, continuing a multiday downward trend. The leading cryptocurrency lost 14% of its value over the 24-hour period that ended at 3 p.m. EDT, and is trading 23% lower than it was a week ago. Bitcoin is now trading below the key $10,000 level.

As would be expected, bitcoin-linked investments such as the Greyscale Bitcoin Trust (NASDAQOTH:GBTC) were trading lower by similar percentages.

Bitcoin in palm of businessman's hand.

Image source: Getty Images.

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So what

Regulatory uncertainty has been a driving force behind some of bitcoin’s sharpest downward moves, and this time, the murkiness comes from right here in the United States.

In response to Facebook’s (NASDAQ:FB) plans to spearhead the release of the Libra cryptocurrency, several high-profile government officials have spoken out about the dangers of cryptocurrencies.

President Trump recently denigrated them, describing…

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