RATE Group | Bitcoin price down after Fed Chair Powell’s Facebook Libra comments
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Bitcoin price down after Fed Chair Powell’s Facebook Libra comments

14 Jul Bitcoin price down after Fed Chair Powell’s Facebook Libra comments

Posted at 22:09h in Cryptocurrency News by

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A woman passes in front of a Bitcoin exchange shop.

Artur Widak | NurPhoto | Getty Images

Bitcoin is sliding after Federal Reserve Chairman Jerome Powell poured cold water on Facebook’s plans to launch a cryptocurrency.

The world’s best-known digital coin — which has experienced a meteoric rise in 2019 — fell 12% to about $11,450 on Thursday, according to CoinDesk data.

Bitcoin had hit a 17-month high above $13,000 just two weeks ago. It’s currently up about 200% since the start of the year, having gathered momentum as large companies like Facebook and Fidelity get involved in the space.

But it began sliding as Powell said that he held “serious concerns” about Facebook’s planned digital currency Libra. The social network is looking to launch the token alongside a consortium of companies including Uber and Visa.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Powell said at a congressional committee Wednesday. “These…

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