Bitcoin drops more than 10% as cryptocurrency criticisms creeping

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Bitcoin drops more than 10% as cryptocurrency criticisms creeping

Over the last weekend, the original cryptocurrency, Bitcoin was slumped more than 10 percent to a two-week low after gaining more than 30 percent later last month, as investors’ frets had gathered pace on mass-scale crackdown of cryptocurrencies following stalling of Facebook Inc.’s digital currency project ‘Libra’.

While this report was being prepared, during late-Asian trading hours on Monday, the 15th of July, Bitcoin added 1.29 percent on intra-day trading after falling more than three-week low to $9,896.88 during early Asian trading hours, however, from Friday (July 12th) to eve of Monday (July 15th) in Asian trading sessions, Bitcoin shed 11.1 percent, while it fell about 10.4 percent alone on Sunday (July 14th), Bitcoin biggest intra-day drop this year.

Latest wave of cryptocurrency sell-off had also affected other smaller digital currencies as Ethereum had shrugged off more than 18 percent over the weekend to $225.23, a level last seen during May 15th, while Ripple fell more than 10 percent to 0.3117 to two-month low.

Meanwhile, Litecoin lost more than 17 percent to $88.25 over this weekend. Nonetheless, recent trend of steep crypto sell-off began after last week US President Donald Trump had criticized cryptocurrencies, and Facebook’s Libra, adding the crypto firms should put themselves up to global regulators and seek a charter’s consultancy, if they ever wanted to become a bank instead of making money by covering up a transaction’s identity.