Bitcoin price drop: Cryptocurrency prices plummet after Trump’s warning about a hoax – bear market panic
THE PRICE OF BITCOIN has dropped once more after Donald Trump stated the cryptocurrency is a “scam” that is undermining the value of the US dollar.
As the markets continue their downward spiral, cryptocurrency has dropped since former US President Donald Trump’s statements.
Bitcoin’s price dropped 8% from $35,474 at 7.30 p.m. on Monday to $32,585 at 5.30 a.m. today (Tuesday).
Ethereum dropped by nine percent from $2,710 to $2,466, while Dogecoin fell by the same percentage margin from $0.355 to $0.322.
Mr Trump told Fox Business that Bitcoin is a “scam” that is depreciating the US dollar.
“Bitcoin just feels like a scam,” he remarked.
“I don’t like it since it’s a competitive currency with the dollar.”
The former US President went on to say that he wanted the dollar to be the “global currency.”
Mr. Trump has already spoken out against Bitcoin, which has a tendency to skyrocket in value when prominent personalities discuss it.
After he indicated he was “not a fan” of it and rival digital currencies, the cryptocurrency dropped by roughly $20,000 in 2019.
The former US President stated crypto assets may “enable unlawful behavior, including drug trade and other illegal activity” in a message on Twitter, from which he has now been banned.
Mr Trump’s recent comments have angered Neil Wilson, chief market analyst for Markets.com, who believes Bitcoin is not a currency.
“I consider Bitcoin to be more of a security, similar to a stock or bond.
“Despite its tremendous appreciation, it is far too volatile to be considered a currency; it fluctuates more than most stocks.”
“The way through which America exerts power over the world is largely by the dollar, and it is not going to give it up, therefore I don’t see Bitcoin as a threat whatsoever,” he added, responding to Mr Trump’s allegation that Bitcoin is a threat to the US currency.
“Governments don’t like it when other people create money; they’ve tolerated cryptocurrencies for a while, but they’ll eventually construct their own digital currencies, pushing Bitcoin to the margins.”
Bitcoin’s price has been steadily declining for the past two months after reaching a new high, and there are no signs of a durable recovery.
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