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

Cornelia Mascio
Luglio 12, 2019

Trump tweeted he was "not a fan of Bitcoin and other Cryptocurrencies".

President Donald Trump railed against cryptocurrencies and specifically called out Bitcoin and Libra, Facebook's new cryptocurrency that is backed by companies like Uber and Mastercard. "That the president is calling for Libra to be regulated like a bank reflects the fact that Libra is a company issued asset".

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air".

Moreover, many cryptocurrency proponents similarly share concerns with Facebook's Libra project, as it entails a whole host of potential problems with centralization and privacy that cryptocurrencies like Bitcoin don't have. "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and worldwide".

After criticizing cryptos, Trump praised the US dollar as the most "dominant" currency in the world.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect". It is by far the most dominant currency anywhere in the World, and it will always stay that way.

Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards.

Trump's tweets came after Federal Reserve Chair Jerome Powell spoke extensively about Facebook's Libra cryptocurrency during the semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee on Wednesday.

At the time of writing, Bitcoin is trading down over 7% at its current price of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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