RATE Group | Smaller cryptocurrencies feel pain as criticism of Facebook’s Libra grows
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Smaller cryptocurrencies feel pain as criticism of Facebook’s Libra grows

17 Jul Smaller cryptocurrencies feel pain as criticism of Facebook’s Libra grows

Posted at 17:24h in Cryptocurrency News by

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By Tom Wilson

LONDON, July 17 (Reuters) – Bitcoin hasn’t been the only casualty of the backlash by the world’s major economic powers against Facebook’s plans for a cryptocurrency, with smaller digital coins also feeling the burn.

Bitcoin has slumped around 30% from 18-month highs of nearly $14,000 touched after Facebook’s move, following a growing chorus of concern among regulators and politicians from the United States to Europe at the social media giant’s plans.

And the so-called altcoins have fared even worse.

The second-biggest coin Ethereum has slumped by nearly half. The third largest, Ripple’s XRP, is down by around 40%, while Litecoin and Bitcoin Cash have slumped by 40% and 42% respectively.

On Wednesday, G7 finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin, insisting tough regulatory problems would have to be worked out first.

The Bank of Japan governor said a G7 task force looking at cryptocurrencies like Libra would likely grow to include a broader…

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