Bitcoin News

Bitcoin Down, but on Track to Snap Losing Streak

© Reuters.
© Reuters. — Bitcoin turned negative on Friday, but remained on track to snap a two-week losing streak despite negative comments from President Donald Trump.

fell 0.5% to $11,584, but above a session low $11,109. Bitcoin was up as high as $11,738 intraday as traders assessed Trump’s criticism of the popular crypto and Facebook’s upcoming launch of its Libra crypto.

“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump wrote on Twitter.

“If Facebook (NASDAQ:) and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,” he added.

Trump’s comments come as the crypto community prepares for more bashing from lawmakers about the risk of digital currencies, with Facebook (NASDAQ:) slated for hearings next week before both the House Financial Services Committee and the Senate Banking Committee to discuss its crypto project.

Federal Reserve Chairman Jerome Powell warned earlier this week that Libra could not progress unless the social media company resolved “serious concerns” over “privacy, money laundering, consumer protection and financial stability.”

Other cryptos bucked the trend lower, with rising 5.57% to $0.34728, flat at $273.67 and up 0.51% to $104.87.

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