Bitcoin tries to recover from 1-week low, shrugs off Trump's attack

Bitcoin rose by more than 2% in spot trading on Friday, on its way for the first gain in the last three days, recovering from this week's low, to currently hold above $11,000, shrugging off US President Donald Trump attack on the crypto industry especially Bitcoin and Facebook's Libra.

As of 07:45 GMT, Bitcoin is trading around $11,633, up by $281, or 2.5%, from the opening price of $11,352, with a high of $11,735 and a low of $11,083.

On Thursday, Bitcoin lost 6.2%, its second consecutive daily loss, hitting a one-week low of $10,966 per unit, amid a negative atmosphere following Federal Reserve Chairman Jerome Powell's comments before the US Congress, during which he attacked the Facebook upcoming new cryptocurrency, Libra.

The total value of the cryptocurrency market on Friday rose by more than $8 billion to $318 billion, with most of the major currencies prices in the market rebounding led by Bitcoin.

Bitcoin rose on Friday as it tried to recover from a record low reached yesterday, with the world's largest cryptocurrency so far holding above the $11,000 level.

The rise has been limited due to regulatory concerns in the United States "the world's largest crypto market," especially after US President Donald Trump's aggressive attack on the crypto industry, as well as negative comments by the Federal Reserve Chairman.

The president of the United States expressed his opposition to the cryptocurrencies as a whole, focusing on Bitcoin and Libra specifically, in a series of tweets published at about 8:15 pm EDT on Thursday (July 11th).

Trump said, "I'm not a fan of Bitcoin and other cryptocurrencies, it's not money and its value is highly volatile and based on the air, the origins of unregulated encryption can facilitate illegal behavior, including drug trafficking and other illegal activities."

"If Facebook and other companies want to become a bank, they should seek a new banking pact, or be subject to all banking regulations just like other banks," Trump said.

"We have only one real currency in the United States, the US dollar, which is stronger than ever and reliable, it is the most dominant currency anywhere in the world and will always be that way," Donald Trump said.

Donald Trump's comments came just a day after another attack by Federal Reserve Chairman Jerome Powell on Facebook's cryptocurrency, Libra.

Facebook's plan to launch a cryptocurrency known as the "Libra" can not go forward unless the concerns surrounding it are addressed, Jerome Powell said on Wednesday.

The "Libra" currency raises serious concerns about privacy, money laundering, consumer protection and financial stability, Powell said, "and these concerns must be dealt with comprehensively and publicly."

This successive attack by the highest political and financial authorities of the United States, is not a coincidence, as it comes before the US Congress upcoming meetings to discuss the digital Facebook project, which is scheduled to be held on Tuesday and Wednesday, July 16-17.