Cryptocurrency

Ripple falls as Bitcoin trims gains on Mnuchin's comments

2019-07-15 22:41:50 GMT (Economies.com)

The majority of the cryptocurrencies fell during trading today following the US Treasury Secretary Steven Mnuchin's comments, during which he expressed concerns about the the upcoming cryptocurrency "Libra," which Facebook plans to lunch in the first half of next year.


Mnuchin said that cryptocurrencies such as Bitcoin have been used to support illegal activities in billions of dollars, tax evasion, cybercrime, the proliferation of dangerous software, the drug trade and human trafficking.


Mnuchin stressed that the prevention of the cryptocurrency risks, including "Libra," is a matter of national security for the United States for the crimes he referred to in addition to the dangerous trading on them.


Mnuchin's comments reflect what President Donald Trump said last week that he is not a supporter of Bitcoin and its sisters because of the sharp fluctuations, adding that he is worried about Libra.


In terms of trade, by 21:00 GMT, Ripple fell by 0.6% to $0.31, the highest at $0.32 and the lowest at $0.30.


Bitcoin rose 1.6% to $10829, with the highest price at $10951.6 and the lowest at $9860.9.

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