Bitcoin falls sharply as Fed's Powell flags 'serious concerns' about Facebook's cryptocurrency

"Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability," Powell said at a congressional committee Wednesday. "These are concerns that should be thoroughly and publicly addressed."

Analysts have been bullish on Libra, at least from the perspective that it could pave the way for more adoption of cryptocurrencies. But the Facebook-led project has been clouded by regulatory concerns, with central bankers and politicians around the world expressing skepticism.

'These dynamics have resulted in a race among miners to amass the fastest, most energy-efficient chips. And the demand for faster equipment has spawned a new industry devoted entirely to the computational needs of Bitcoin miners.'

That’s because they are fake currencies big coin in Facebook crypto are fake. Tell me what is backing it up at least a dollar has some gold backing it up not much but some

Why concern over FB and not Bitcoin?

Even newbie traders don't take Libra seriously. Do you really think that news triggered B.I.T.C.O.I.N ?

Sharply (still above 10k) 😂😂

🤣🤣🤣

who comes up with this crap? there is ZERO correlation, if anything FEDs ineffectiveness is fueling the bitcoin rally, Libra is a problem for the US government, not bitcoin get the story right

There is no logical correlation between these two things, on the contrary these serious concerns about Libra_ are indirectly showing people the exact reasons why we need bitcoin. But sure, you can write a headline like that 🤔🤦‍♂️

Yes, Fed sent a letter to the CEO of bit Coin asking to stop the development effective immediately.

It's the best time to buy. Crypto market is very volatile, so once you see the dump, most probably not so far pump is waiting for you. Especially when a major trend is bullish like now. Don't sell, Keep HODL

always seems to know why bitcoin went (past tense) up or why it went down

I highly doubt that

Bitcoin is a massive ponzi scheme. No different than Bernie Madoff.

libra has nothing to do with Bitcoin

inversebrah

oh, that's the reason eh

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