Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Bitcoin Turns Positive as Facebook Readies Defense of Libra Crypto

Forex Jul 15, 2019 03:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
META
+1.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+1.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
+3.72%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
+3.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LTC/USD
+5.93%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Bitcoin turned positive Monday after falling below the psychological $10,000 level earlier as Facebook (NASDAQ:FB) attempted to ease U.S. lawmakers' fears about its upcoming crypto launch.

By 3:15 p.m. ET (20:15 GMT), Bitcoin rose 3.8% to $10,870, rebounding from a session low of $9,885.

Ahead of the hearings Tuesday and Wednesday on Capitol Hill, Facebook (NASDAQ:FB) has come under pressure from U.S. lawmakers who have questioned the social media company’s plans to launch a cryptocurrency aimed at connecting people who do not have access to traditional banking platforms.

But David Marcus, who oversees Facebook's blockchain efforts, attempted to allay fears, saying in prepared remarks that the company’s Libra project would not compete with sovereign currencies or interfere with monetary policy.

"The Libra Association, which will manage the (Libra) Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena," Marcus said.

Some have suggested the hearings could be used as an opportunity by some lawmakers to take a wider aim at cryptocurrencies.

Rep. Maxine Waters, the California Democrat who chairs the House Financial Services Committee, recently requested that Facebook (NASDAQ:FB) stop the development of Libra and digital wallet Calibra until the Congress and regulators investigate the products.

Separately, Treasury Secretary Steve Mnuchin said today regulation in the crypto space was "indeed a national security issue”

“We will not allow digital asset service providers to operate in the shadows," Mnuchin added.

indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.”
indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.”
indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.”

Still, the pullback in bitcoin over the weekend was considered to be “healthy,” according to bitcoin bull Thomas Lee, co-founder at Fundstrat Global Advisers.

Other cryptos were mostly higher, with XRP up 0.53% to $0.31734, Ethereum down 3.73% to $229.75 and Litecoin rising 0.68% to $91.71.

Bitcoin Turns Positive as Facebook Readies Defense of Libra Crypto
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email