RATE Group | Bitcoin extends losses after Fed chief urges halt to Facebook’s crypto project
54296
post-template-default,single,single-post,postid-54296,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin extends losses after Fed chief urges halt to Facebook’s crypto project

14 Jul Bitcoin extends losses after Fed chief urges halt to Facebook’s crypto project

Posted at 10:56h in Cryptocurrency News by

[ad_1]

Bitcoin dipped almost 8 percent on July 11, extending losses the day after US 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 percent to $11,164 in early morning trade, following a 3.8 percent slide on Wednesday after Powell’s testimony on monetary policy before the US House of Representatives Financial Services Committee. It was last down 4.5 percent.

Other major cryptocurrencies including Ethereum and XRP’s Ripple fell by similar levels.

“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…

[ad_2]

Source link

Tags:
, , , , , , , , ,