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

Galtero Lara
Julio 12, 2019

Despite the anti-crypto tone of the tweets, many members of the cryptocurrency community were impressed with their nuance and understanding that Libra and bitcoin are not the same.

US President Donald Trump tweeted about Facebook's Libra, as well as other cryptocurrencies, on Thursday night.

The U.S. president described cryptocurrencies as "volatile" and "unregulated" in a series of tweets published late Thursday.

"Similarly, Facebook Libra's "virtual currency" will have little standing or dependability".

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".

"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 global", he added.

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Trump ended the tweet thread by boasting of the U.S. dollar's dependability and reliability.

"We have only one real currency in the United States of America, and it is stronger than ever, both dependable and reliable", he wrote.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

In response, bitcoin tumbled around 12% on Wednesday, falling from $13,000 to $11,000.

Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra can not move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

Powell stressed that before proceeding, Facebook needs to address "serious concerns" in regards to "privacy, money laundering, consumer protection and financial stability". This article is strictly for informational purposes only.

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