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Crypto Prices Fall as Libra in EU’s Crosshairs

Published 08/20/2019, 11:50 PM
Updated 08/20/2019, 11:51 PM
© Reuters.

Investing.com - Cryptocurrency prices fell on Wednesday in Asia as regulators probe Facebooks’ project to launch its own digital coin, Libra.

Bitcoin fell 4.3% to $10,340.2 by 11:49 PM ET (03:49 GMT). Ethereum was down 3.8%, while XRP and Litecoin dropped 3.9% and 2.2% respectively.

The fall came after Bloomberg cited a document titled “Investigating Potential Anti-Competitive Behavior” and reported that antitrust regulators are probing Facebook’s Libra project.

Regulators are looking into “possible competition restrictions” on information that will be exchanged and the use of customer data under the two-month old Facebook (NASDAQ:FB) project, according to Bloomberg.

The article also noted that the European Union is also investigating whether the social network giant is using its size to “squeeze smaller rivals.”

Separately, Facebook (NASDAQ:FB) is also caught in the middle of the U.S.’s trade war with China , as state-owned newspaper China Daily accused the company for cracking down on accounts that reportedly were linked to Chinese campaign against Hong Kong’s ongoing pro-democracy protests. Chinese people “have the right to express their views,” the newspaper said.

Facebook (NASDAQ:FB) said, “we’re constantly working to detect and stop this type of activity because we don’t want our services to be used to manipulate people,” following its decisions to close hundreds of accounts related to the incident this week.

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