Comic: Trump And Mnuchin Tag Team To Take Down Bitcoin
Investing.com
Published Jul 18, 2019 07:41AM ET
Updated Jul 18, 2019 10:14AM ET
By Jesse Cohen
Investing.com - Bitcoin prices continued lower on Thursday, holding below the $10,000 level as concerns that regulators will constrain the growth of cryptocurrencies continued to dominate market sentiment.
Bitcoin last traded at $9,295.5 by 10:10AM ET (14:10 GMT), down around 3% on the day.
The world's most valuable cryptocurrency has seen some heavy selling in the past week as Facebook’s bruising Congressional hearing on its Libra coin project, combined with negative remarks from both U.S. President Donald Trump and Treasury Secretary Steve Mnuchin, contributed to the decline.
Since July 10, the price of Bitcoin suffered a drop of as much as 31%, falling from a high of around $13,200 to a low of $9,090.
Several U.S. lawmakers on Wednesday called on Facebook (NASDAQ:FB) to halt development of its Libra coin until regulators had the opportunity to assess concerns around the social media company's cryptocurrency.
"Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over, and called every arson a learning experience," Sen. Sherrod Brown told David Marcus, the social media giant's blockchain boss.
Secretary Mnuchin echoed those sentiments, warning this week that Libra could be abused by terrorists, money launderers, and other criminals.
President Trump also voiced his concerns on Bitcoin and other cryptocurrencies earlier this month, saying on Twitter that he is “not a fan” and that they were “not money.”
Trump also criticized Libra in subsequent tweets, saying it “will have little standing or dependability” and suggesting U.S. regulators would subject the social media giant to regulation.
To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics
-- Reuters contributed to this report
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.