Donald Trump says ‘not a fan of crypto’ and Bitcoin price tumbles again

Bitcoin slumped in another large weekend move after US President Donald Trump’s criticism of cryptocurrencies late last week put the focus back on this year’s jump in prices.

The largest cryptocurrency tumbled 12% since Friday to trade at $10,428.23 as of 7:30 a.m. in Hong Kong. Other coins also retreated: Ethereum dropped 15% and Litecoin fell 14%.

Bitcoin initially climbed 6.8% on Friday after Trump’s comments, but has since more than erased the gains. Trump wrote on Twitter Thursday 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.” He also criticized Facebook Inc.’s plans for the Libra digital currency.