Update (1420ET) : Well so much for that. Dip-buyers piled in to Bitcoin after it dipped on Mnuchin's scaremongering...

If "they" are that worried about it, it must be valuable? Perhaps the rip is more about what Mnuchin did not say - not immediately dismissing it and confirming the ongoing study of regulating cryptos... somewhat inferring it has a role in the future.

* * *

Panic!!

Treasury Secretary Stephen Mnuchin held an impromptu press conference to explain just how terrible and unpatriotic crytpocurrencies (and Facebook's Libra) are.

“Bitcoin is highly volatile and based on thin air,” “We are concerned about the speculative nature of bitcoin and will make sure that the U.S. financial system is protected from fraud," ominously adding that cryptos are used by "money launderers, terrorist financiers, and various bad actors." "Treasury has very serious concerns over [Facebook's] Libra." "This is indeed a national security issue,” "We will not allow digital asset service providers to operate in the shadows.” "Crypto investors should be careful."

Cryptos turned back lower as the press conference got under way...

The sudden panic, following Libra's white paper release, among establishment types is interesting. Amid clear dollar liquidity shortages and cornered central banks around the world, is this starting to set the stage for the next mega-crisis and the end of the dollar?