Bitcoin tumbles after Colonial Pipeline ransom tracked
Bitcoin is hovering at the $32,000 level
Trump paints Bitcoin as a 'scam,' claims dollar should dominate
Bitcoin Foundation chairman Brock Pierce joins 'Kennedy' to discuss the future of the crypto currency in U.S. markets
Bitcoin led a broad drop in the cryptocurrency market early Tuesday as it dipped to the $32,000 level. It continues to slide from its record high of $64,829 level reach earlier this year.
In addition, Ethereum and Dogecoin were also lower.
Late Monday, the Department of Justice announced that investigators were able to recover most of the ransom, about $2 million, paid to hackers who interrupted operations at Colonial Pipeline last month.
While Bitcoin is hard to trace, blockchain technology helped the government find the funds.
TRUMP: BITCOIN IS A SCAM, US DOLLAR IS THE WORLD'S CURRENCY
Also, on Monday, former President Trump told FOX Business’ Stuart Varney, King Dollar should remain King Dollar.
Trump said Bitcoin seems like a "scam" and the euphoria surrounding the world's largest cryptocurrency is watering down the U.S. dollar.
"The currency of this world should be the dollar. And I don't think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high," Trump told Varney, adding, "It takes the edge off of the dollar and the importance of the dollar."
On Saturday, El Salvador President Nayib Bukele announced plans to introduce legislation that will make his country the world’s first to adopt Bitcoin as legal tender along with the U.S. dollar.
Tyler Winklevoss, CEO of Gemini, pointed to El Salvador's move in a tweet Tuesday.
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Bukele made the Saturday announcement in a video shown at Bitcoin 2021, a multiday conference in Miami that was marketed as the biggest Bitcoin event in history.