• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
libra crypto
Sensei Inu Logo

Facebook in The Firing Line Again, Has it Impacted Crypto Markets?

Martin Young by Martin Young
4 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

Crypto markets have continued to slide today following a dump that accelerated at the weekend, resulting in over $100 billion leaving the scene over the past seven days. The market mayhem has coincided with a second US Congress hearing on Facebook’s Libra project.

Libra Lambasted From All Sides

A second hearing has been schedule for today as US senators grapple with the concept of a tech giant controlling the finances of potentially a third of the planet’s population.  As a follow up from the proposed ‘Keep Big Tech Out Of Finance’ bill, the hearing will examine the impact on consumers, investors and the American financial system.

etorox, libra

Bloomberg’s Kurt Wagner said that the Facebook trust deficit is extremely high at the moment, adding that during the previous hearing a number of senators said they would not trust the social media giant with a new currency. ConsenSys attorney, Joyce Lai, continued to explain that there are a lot more blockchain and crypto projects out there beyond Facebook’s proposed offerings.

Chief Executive Officer of Calibra, David Marcus, said that Facebook wants to work with regulators and ‘do the right thing’ but the skepticism is still extremely high. Anchor Emily Chang pointed out that several nations such as India have already imposed a ban on any Facebook financial products before they have even got off the ground.

In China the entire platform is blocked to already Facebook has lost over a third of the planet in terms of potential markets. Other nations are likely to follow if they view Zuckerberg and his big tech consortium as a threat to their own sovereignty.

The second hearing, which is expected to have twice as many members in attendance, will see Marcus grilled again with Wagner suggesting that it will be more aggressive than yesterday.

Fundstrat’s Tom Lee observed that there will be someone batting for the crypto industry in the form of CoinShares Chief Strategy Officer, Meltem Demirors, who will also be on the panel. Lee added:

“Meltem is easily one of the most capable people to represent crypto. I am rooting for her.”

Crypto Markets Crumble

Bitcoin has been due a larger correction so the likelihood of the Libra lambasting being the cause is minimal. Recent comments by US Treasury Secretary Steven Mnuchin have also been viewed as bullish for Bitcoin as he acknowledged it as a store of value.

At the time of writing BTC had dumped 13 percent on the day in a slide back to $9,400. Ethereum was down a similar amount clinging precariously on to the $200 level, and Ripple’s XRP had fallen below $0.30 for the first time in two and a half months.

Facebook hearing aside, Bitcoin could well be on its way to support in the $8,000s as the correction plays out.

Image from Shutterstock
Tags: bitcoincongresscryptofacebooklibra
Tweet123Share220ShareSend
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Ripple

XRP Price Threatened As Ripple Unlocks 1 Billion Coins

5 mins ago
Bitcoin Cash

Bitcoin Cash Bulls Charge: 13% Price Rally Driven By Fresh Demand

5 hours ago
Ether Futures

FTX Exploiter Transfers 5,000 ETH Ahead Of Ether Futures ETF Launch

19 hours ago
Ethereum ETF

Ethereum ETF: Valkyrie Halts Purchase Of ETH Futures Contracts

22 hours ago
Cardano

The Most Impressive Highlights From The Cardano Development Report

23 hours ago
Meme coin

Crypto Analyst Reveals Which Meme Coin Will Topple Dogecoin In The Bull Market

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Investing in Trading 212: Is the Risk Worth the Reward?

    1 day ago
  • Bitcoin Spark: Cross-Chain with Polygon, BSC, and Cosmos

    2 days ago
  • Explosive Surge: Curve DAO and Everlodge on a Wild Pumping...

    2 days ago
  • The DeFi Big Three: Solana (SOL), Chainlink (LINK), and...

    2 days ago
  • Plus 500 Reviews Get Moderate Risk Rating From Trading...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.