Tech & Science: Bitcoin extends losses after Fed chief urges halt to Facebook's crypto project - PressFrom - United Kingdom
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Tech & ScienceBitcoin extends losses after Fed chief urges halt to Facebook's crypto project

16:30  11 july  2019
16:30  11 july  2019 Source:   reuters.com

Facebook to launch its Bitcoin rival as soon as this month

Facebook to launch its Bitcoin rival as soon as this month Facebook has been working on its own cryptocurrency for quite a while now, and it looks like the company is seeking to unveil its product as soon as its month. 

Although Facebook ’ s chief executive, Mark Zuckerberg, has expressed an interest in digital currencies, the company said ads for them were “frequently You’ll have to do it without Facebook . The social network said Tuesday that it would ban all ads for Bitcoin and other cryptocurrencies, in order to stop

There have been so many reactions in the crypto space, since the biggest social media platform, Facebook , declared its intention to launch a crypto project . This rather became a threat to the long-term crusade of cryptocurrency mainstream advancement by institutional adoption.

Bitcoin extends losses after Fed chief urges halt to Facebook's crypto project © Reuters/BENOIT TESSIER A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration

LONDON (Reuters) - Bitcoin dipped almost 8% on Thursday, extending losses the day after U.S. Federal Reserve Chairman Jerome Powell called for a halt to Facebook's Libra cryptocurrency project until concerns ranging from privacy to money-laundering were addressed.

The original cryptocurrency initially fell 7.7% to $11,164 in early morning trade, following a 3.8% slide on Wednesday after Powell's testimony on monetary policy before the U.S. House of Representatives Financial Services Committee. It was last down 4.5%. Other major cryptocurrencies including Ethereum and XRP's Ripple fell by similar levels.

Bitcoin drops more than 10% as scrutiny of cryptocurrencies grows

Bitcoin drops more than 10% as scrutiny of cryptocurrencies grows Bitcoin drops more than 10% as scrutiny of cryptocurrencies grows

Bitcoin , Ripple, Ethereum and other digital tokens extended losses amid concern that U. S . regulators are scrutinizing one of the world’ s largest cryptocurrency exchanges as questions mount over a digital token linked to its backers. Crypto Exchange Bitfinex, Tether Said to Get Subpoenaed by CFTC.

Facebook officials are scheduled to testify about the project later this month in Congress, where senior lawmakers have raised data privacy and other concerns. Powell said the Fed has established a working group to follow the project and is coordinating with other central banks across the globe.

"This is a direct response to the Powell testimony and comments on Facebook's Libra and the implications that could have for the entire cryptocurrency space," said Craig Erlam, senior market analyst at FX trading platform OANDA.

"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability," Powell told the committee, adding that he did not think the project could proceed unless those concerns were addressed.

The proposed cryptocurrency has drawn close scrutiny from policymakers and financial regulators globally. Powell said existing rules do not fit cryptocurrencies.

Bitcoin Almost Wipes Out Its Mega Gain Just as Swiftly as It Came

Bitcoin Almost Wipes Out Its Mega Gain Just as Swiftly as It Came Bitcoin’s rise was meteoric this week -- and its decline has been just as swift. It’s easy come, easy go in the crypto world, where a frenzy over Bitcoin pushed its price to nearly $14,000 on Wednesday, its highest level since January 2018. The largest digital asset then reversed course in a matter of minutes after a prominent cryptocurrency exchange reported an outage. The retreat accelerated Thursday and put the coin’s price back to nearly the same level as just five days ago.

A US lawmaker has said Facebook should delay the launch of its Libra crypto -currency - hours after the social network formally announced the project . Libra, set to be launched next year, will let people make payments via Facebook ' s apps and WhatsApp.

Facebook officials are scheduled to testify about the project later this month in Congress, where senior lawmakers have raised data privacy and other concerns. Powell said the Fed has established a working group to follow the project and is coordinating with other central banks across the globe.

Other traders said the moves fitted within the pattern of bitcoin's recent volatility, where double-digit intra-day price moves have been common.

Slideshow: The Bitcoin billionaire brothers who took on Facebook (lovemoney)

The biggest coin climbed nearly 55% in nine days after Facebook unveiled its plans for Libra on June 18, touching an 18-month high of nearly $14,000. The project has boosted hopes that cryptocurrencies could gain wider acceptance.

(Reporting by Tom Wilson; Editing by Kevin Liffey)

Slideshow: Surprisingly valuable things the US government owns (lovemoney)

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Bitcoin near two-week highs, fueled by hopes for Facebook's Libra.
Bitcoin near two-week highs, fueled by hopes for Facebook's Libra

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