After the US President's criticism of the largest digital token bitcoin late last week, the focus has yet again turned to the surge in prices of these cryptocurrencies this year. On Thursday, Trump on Twitter said that he is "not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," adding that "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity." Also at the same time, he criticized Facebook's plans to come up with its digital currency called 'Libra'.
Reacting to his comments made, Bitcoin climbed at first to the extent of 6.8% on Friday but since then has erased all the gains. Since Friday, the leading digital currency lost as much as 15% and even fell below $10,000 levels to as low as $9,980 for a brief time. At 8:54 am in Hong Kong, the token traded at $10,028.55.
Following suit, other digital currencies also were knocked down including Ethereum and Litecoin, which fell 23% and 17%, respectively.