Categories: Bitcoin Business

#CryptoCorner: BTC Drops Below $10K, Libra Grilled by Senate, Germany’s Finance Minister Criticizes Libra and France to Introduce New Crypto Regulations

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Crypto Corner

Stocks discussed: (NasdaqGS:FB)

The market is red this morning after trading prices plummeted yesterday. Data from CoinMarketCap indicates that Bitcoin (BTC) fell over $1000, reaching a low of roughly $9,180, but has since bounced back to a trading price of around $9,600 at press time. This is the second time Bitcoin lost its $10,000 support level since reaching the milestone in late June. This seemingly bearish reversal may be connected the scrutiny and calls for regulation of Facebook's (NasdaqGS:FB) Libra, the unveiling of which possibly helped spur the current crypto bull market in the first place. It may not be wholly unhealthy, however, as a tweet from economist Alex Krüger indicates:

"Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows."

As for Libra, the forthcoming cryptocurrency project from Facebook received a grilling as Calibra head David Marcus faced the U.S. Senate Banking Committee yesterday in its first day of hearings. TechCrunch listed some highlights of the hearing, which included claims by Marcus such as:

  • "Yes," Libra will comply with all U.S. regulations and not launch until the U.S. lawmakers' concerns have been answered
  • "You will not have to trust Facebook" because it's only one of 28 current and potentially 100 or more Libra Association members and it won't have special privileges
  • It is "not the intention at all" for Calibra to sell or directly monetize user data directly, though if it offered additional financial services in partnership with other financial organizations it would ask consent to use their data specifically for those purposes
  • When repeatedly asked why Facebook is pushing Libra to happen, Marcus noted that blockchain technology is inevitable and if the U.S. doesn't lead in building and regulating it, the tech will come from places "out of reach of our national security apparatus," raising the spectre of China

Today, Libra faces a hearing from the House Financial Services Committee.

Reuters reports that German Finance Minister Olaf Scholz warned that Libra can't be allowed to threaten financial stability and consumer privacy. Scholz went on to assert that it is the sole duty of government to create currency:

"The issuance of a currency does not belong in the hands of a private company because this is a core element of state sovereignty. The euro is and remains the only legal means of payment in the euro area."

Another report from Reuters says that France will issue new rules governing digital currencies, which will see the approval of a spate crypto-related companies. The new rules are set to come into effect later this month, and will allow firms to "voluntarily abide" in exchange for approval from French regulators.

Sam Mowers, Investorideas

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